Import prices down again in November 2008
December 12, 2008
Import prices fell 6.7 percent in November after decreases of 5.4 percent, 3.5 percent, and 3.1 percent in October, September, and August, respectively. The November decline was the largest one-month drop since the index was first published monthly in December 1988.
The 17.4-percent decrease over the past four months was the largest four-month decline since the index was first published in September 1982. Import prices decreased 4.4 percent for the year ended in November; in contrast, prices for imports increased 21.4 percent from July 2007 to July 2008.
The four-month decline in import prices was largely driven by falling petroleum prices, which decreased 25.8 percent in November after declining 19.8 percent, 11.2 percent, and 9.8 percent, respectively, in October, September, and August. The November drop in petroleum prices was the largest monthly decline since the index was first published monthly in December 1988 and the 52.3-percent decrease over the past four months was the largest four-month decline since the index was first published in June 1982. For the November 2007-2008 period, petroleum prices fell 29.0 percent.
The price index for nonpetroleum imports fell 1.8 percent in November, the largest decrease since the index was first published monthly in December 1988. Despite the recent declines, the index increased 2.4 percent over the past year.
These data are from the BLS International Price program. Import price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes -- November 2008," (PDF) (HTML) news release USDL 08-1804.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import prices down again in November 2008 on the Internet at http://www.bls.gov/opub/ted/2008/dec/wk2/art05.htm (visited November 26, 2015).
Recent editions of Spotlight on Statistics
Fifty years of looking at changes in peoples lives
Longitudinal surveys help us understand long-term changes, such as how events that happened when a person was in high school affect labor market success as an adult.
- A look at pay at the top, the bottom, and in between
The Spotlight examines how earnings and wages have changed over time and how they differ within a geographic area, industry, or occupation.