The Labor Department reported on Tuesday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, edged up 0.1 percent m-o-m in November, following an unrevised 0.1 percent m-o-m drop in October. Economists had expected prices to advance 0.3 percent m-o-m last month.

According to the report, the November decline was driven by a drop in prices for nonfuel imports (-0.3 percent m-o-m), which, however, was partially offset by a climb in import fuel prices (+4.3percent m-o-m).

Over the 12-month period ended in November, import prices fell 1.0 percent, due to a plunge in import fuel prices (-24.6 percent), which more than offset a gain in import nonfuel prices (+1.6 percent).

Meanwhile, the price index for U.S. exports increased 0.6 percent m-o-m in November, following an unrevised 0.2 percent m-o-m gain in the previous month. The November advance was driven by higher prices for both agricultural exports (+3.7 percent m-o-m) and nonagricultural exports (+0.3 percent m-o-m).

Over the past 12 months, the price index for exports dropped 1.1 percent, reflecting a decline in prices of nonagricultural (-1.7 percent) exports, which more than offset higher agricultural export prices (+4.4 percent).