Reply #28: U.S. import prices move higher [View All]

[54anickel]

http://money.cnn.com/2004/12/09/news/economy/import_prices.reut/index.htm

Hike of 0.2% in November slightly exceeds expectations as increases in non-petroleum prices surge.
December 9, 2004: 9:42 AM EST



WASHINGTON (Reuters) - The price of goods imported into the United States in November rose 0.2 percent, slightly more than expected, a Labor Department report showed Thursday, as increases in non-petroleum prices hit a 10-month high.

Wall Street had forecast a milder 0.1 percent advance following a revised 1.6 percent gain in October. This was initially reported as up 1.5 percent. Export prices were up 0.3 percent, compared with 0.7 percent in October.

Non-petroleum import prices increased 0.7 percent last month after falling 0.1 percent in October, marking the largest increase since January's 0.8 percent gain. During the last 12 months, this series has risen 3.4 percent, the strongest annual gain since September 1995.

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Import prices can be influenced heavily by the foreign exchange value of the dollar. But the currency's two-year slide has so far had only a modest impact, with stiff competition despite a widening economic expansion keeping costs in check.

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