US import, export prices edge higher in Dec ’24

US import prices rose by 0.1 per cent in December, marking the third consecutive monthly increase, driven by higher fuel and nonfuel costs, according to the Bureau of Labour Statistics. Export prices climbed 0.3 per cent, reversing a flat reading in November, with gains in both agricultural and nonagricultural goods.

Fuel import prices advanced 1.4 per cent, with natural gas leading the rise, while nonfuel imports edged up 0.1 per cent, supported by higher food prices.

Export prices for agricultural goods increased by 0.5 per cent, led by gains in fruit and nuts, while nonagricultural export prices rose 0.3 per cent due to higher industrial supplies and automotive vehicles.

Annually, import prices increased 2.2 per cent, the largest gain since 2022, while export prices were up 1.8 per cent, the highest yearly advance in nearly two years.

Prices by region showed mixed results, with import costs rising from Canada and Mexico but falling for goods from Japan and the European Union. Export trends mirrored these shifts, with notable declines in prices for goods shipped to Japan and the EU.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama