U.S. import and export prices both decreased in December 2018, the U.S. Bureau of Labor Statistics said Wednesday.
Prices for U.S. imports decreased by 1.0 percent in December, including a 9.2 percent decline in prices for import fuel. Prices for imports decreased by 0.6 percent in the year of 2018 which was the first calendar-year drop since 2015.
In 2018, import fuel prices fell 10.4 percent following a 21.8 percent increase in the previous year. The 2018 decline was also the first calendar-year decrease since 2015, when import fuel prices fell 41.0 percent.
U.S. export prices recorded a 0.6 percent fall in December. Despite the December downturn, U.S. export prices increased 1.1 percent in 2018. The price index for exports has not recorded a calendar-year decrease since a 6.6 percent fall in 2015.
Agricultural export prices advanced 3.9 percent in December, the largest increase for the index since a 4.8 percent rise in August 2012. The price index for agricultural exports rose 2.5 percent in 2018, which was the largest calendar-year advance since the 13.4 percent rose in 2012.
Prices for nonagricultural exports decreased 1.1 percent in December. Lower prices for nonagricultural industrial supplies and materials led the December decrease, more than offsetting rising prices of consumer goods and vehicles. Despite the December decline, nonagricultural export prices advanced 1.0 percent in 2018.