January 13, 2006 (The Editor’s Desk is updated each business day.)

Import prices in December 2005

The U.S. Import Price Index fell 0.2 percent in December. The decline followed a 1.8-percent decrease in November and was again led by lower petroleum prices.

[Chart data—TXT]

The recent decline in import prices came after they rose through most of 2005. Petroleum prices led the December decrease in overall import prices, declining 0.9 percent after falling 2.5 percent in October and 9.2 percent in November. Prior to the recent downturn, petroleum prices increased 62.5 percent over the first nine months of 2005.

Nonpetroleum prices were unchanged in December after edging up 0.1 percent in November. Overall import prices rose 7.9 percent for the year ended in December, which followed a 6.7-percent increase over the prior 12 months, and was the largest advance over any calendar year since 1987.

Export prices ticked up 0.1 percent in December as a 0.1-percent increase in nonagricultural prices more than compensated for a 0.5-percent drop in agricultural prices.

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - December 2005" (PDF) (TXT), news release USDL 06-41.