Import Prices Drop for First Time in Four Months

The price of goods imported to the United States fell in November for the first time in four months, the Labor Department said Wednesday.

The 0.9% decline followed a 0.3% increase in October and a 1.1% rise in September.

Economists had forecast a 0.5% decrease, Bloomberg reported.

The cost of imported petroleum fell 3% in November, while prices for imported automobiles and parts were unchanged. 

U.S. export prices dropped 0.7% in November, the most in five months, Labor said.