The Labor Department reported on Friday the import-price index, measuring the cost of goods ranging from Canadian oil to Chinese electronics, rose 0.2 percent m-o-m in November, following an unrevised 0.5 percent m-o-m drop in October. Economists had expected prices to advance 0.2 percent m-o-m last month.

According to the report, the November gain was driven by higher fuel prices (+2.6 percent m-o-m), which more than offset lower nonfuel prices (-0.1 percent m-o-m).

Over the 12-month period ended in November, import prices dropped 1.3 percent, weighed down by a decline in nonfuel prices (-1.4 percent), which, however, was partially offset by a gain in fuel prices (+0.8 percent).

Meanwhile, the price index for U.S. exports also increased 0.2 percent m-o-m in November, following an unrevised 0.1 percent m-o-m fall in the previous month.

Higher agricultural prices (+2.2 percent m-o-m) led the November increase, while prices for nonagricultural exports were unchanged.

Over the past 12 months, the price index for exports dropped 1.3 percent, weighed down by lower prices for nonagricultural exports (-1.6 percent), while agricultural prices surged (+2.5 percent).