December 2008 U.S. Import and Export Price Indexes — 2009-01-14

The U.S. Import Price Index declined 4.2 percent in December, the Bureau of Labor Statistics of the U.S. Department of Labor reported today, following decreases in each of the previous four months. Export prices also fell for the fifth consecutive month, declining 2.3 percent in December after a 3.4 percent drop the previous month. Percent changes in import and export price indexes by End Use category - not seasonally adjusted - Import prices fell 4.2 percent in December and have fallen 21.7 percent overall since July. Continued lower prices for both petroleum and nonpetroleum prices in December contributed to the decrease. Overall, import prices fell 9.3 percent in 2008, the first year the index declined since a 9.1 percent drop in 2001. The 2008 decrease was also the largest calendar year decline since the index was first published in 1982.