U.S. import-export prices fall in November

The economic crisis has reduced prices of U.S. imported and exported goods and services at the fastest pace since 1988, when records were first kept, according to a Department of Labor report. Import prices fell a record 6.7% in November, following a 5.4% decline in October. The decline was spurred by lower petroleum prices, which fell 25.8% in November, following a 19.8% decline in October. The decline also carried to non-petroleum import products, which fell 1.8%, according to the report. Prices for U.S. exports fell 3.2% in November, following a 2% decline in October. Economists surveyed by Reuters had forecast a 4.9% decline in import prices and a 1.5% decline in export prices in November.