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.
Additionally, the Labor Department said export prices tumbled by 0.9 percent in November following an upwardly revised 0.5 percent advance in October.
Export prices had been expected to import prices to edge down by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.
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