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Inflation pressures are easing

US import prices drop further

US import prices fell for a fifth straight month in November, influenced by the declining costs for petroleum products and a strong dollar. Some sources hope inflation will continue to moderate in the months ahead. Consumer prices increased less than expected for the second consecutive month in November.

Subsiding inflation allowed the Federal Reserve to raise its policy rate by half a percentage point on Wednesday, breaking a string of four straight 75-basis-point increases. The Central Bank, however, projected at least an additional 75 basis points of increases in borrowing costs by the end of 2023, noting that "inflation remains elevated."

The report from the Labor Department also showed export prices fell 0.3% in November after declining 0.4% in October. Export prices have also dropped for five straight months. Prices for agricultural exports rebounded 2.3%, lifted by higher prices for soybeans, vegetables, fruit and corn.

Source: reuters.com

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