The Labor Department reported on Thursday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.3 percent m-o-m in December, following a revised 0.1 percent m-o-m gain in November (originally a 0.2 percent m-o-m advance). That was the largest monthly advance since March. Economists had expected prices to increase 0.3 percent m-o-m last month.

According to the report, the December gain was driven by higher prices for import fuel (+2.8 percent m-o-m), while nonfuel import prices were unchanged m-o-m.

Over the 12-month period ended in December, import prices climbed 0.5 percent, helped by a climb in fuel prices (+19.3 percent), which more than offset a drop in nonfuel prices (-1.4 percent).

Meanwhile, the price index for U.S. exports decreased 0.2 percent m-o-m in December, following an unrevised 0.2 percent m-o-m gain in the previous month.

Lower prices for both nonagricultural exports (-0.1 percent m-o-m) and agricultural exports (-0.1 percent m-o-m) contributed to the December drop.

Over the past 12 months, the price index for exports dropped 0.7 percent, weighed down by declines in prices for both nonagricultural exports (-1.3 percent) and agricultural exports (-0.6 percent). The 2019 decline marked the first calendar-year fall since 2015.