WASHINGTON: According to the US Bureau of Labor Statistics, import prices fell 0.4% in November as compared to a decline of 0.3% in October 2015. The drop was mainly attributed to a decrease in fuel import prices. In November, fuel import prices fell 2.5%, continuing their downtrend. Petroleum product prices saw a decrease of 2.5%, whereas crude fell 3.6%.
Fuel prices have declined sharply by 43.2% over the past 12 months. Declining demand and oversupply have resulted in a decrease in prices for petroleum by 44.5% and crude by 46.1% from a year ago. Fuel is an important import item, and import prices fell 9.4% in November from a year ago.