This graph really speaks volumes. From November of ’08 to last month, both import and export prices were continually down. Now, in November, prices have flipped and are now up a few percentage points:
BLS: The price index for U.S. imports advanced 3.7 per cent for the year ended in November, the first time the index increased over a 12-month period since a 4.9 per cent advance for the October 2007-2008 period. Prices for overall exports rose 0.6 per cent over the past year, the first time the index increased over a 12-month period since a 4.0 per cent advance for the October 2007-2008 period.
Over the past 12 months, import fuel prices increased 27.0 per cent. A 35.5 per cent rise in petroleum prices more than offset declining natural gas prices, which fell 31.3 per cent despite the advance in November. The index for nonfuel import prices declined 1.0 per cent over the past 12 months as decreases from November 2008 to March 2009 more than offset the recent increases.