Import prices in the U.S. plunged by much more than expected in the month of November amid a steep drop in fuel prices, according to a report released by the Labor Department on Thursday.
The report said import prices plummeted by 1.6 percent in November after climbing by 0.5 percent in October. Economists had expected import prices to slump by 0.9 percent.
Import prices showed their biggest monthly decline since August of 2015 but were still up by 0.7 percent compared to the same month a year ago.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.