WASHINGTON: US import price growth slowed in November from the prior month amid a moderation in the costs of petroleum products, but underlying imported inflation pressures remained strong with supply chains still snarled.

Import prices increased 0.7% last month after accelerating 1.5% in October, the Labor Department said on Wednesday. In the 12 months through November, prices jumped 11.7%, the biggest rise since September 2011, after increasing 11.0% in October.

Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.7%.

Brent crude oil prices have retreated from their recent peaks and were below $73 a barrel on Wednesday amid growing signs that supply growth will outpace demand next year.

That is a welcome respite as inflation continues to march higher. Consumer and producer prices rose strongly in November. Inflation is being fueled by fiscal stimulus and strained global supply chains because of the COVID-19 pandemic.

Imported fuel prices gained 2.0% last month after soaring 11.1% in October. Petroleum prices rose 0.4%, while the cost of imported food fell 0.3%.

Excluding fuel and food, import prices increased 0.6%. These so-called core import prices advanced 0.4% in October. They increased 5.8% on a year-on-year basis in November.

The report also showed export prices rose 1.0% in November after accelerating 1.6% in October. Prices for agricultural exports increased 0.8%. Nonagricultural export prices rose 1.0%.

Export prices shot up 18.2% year-on-year in November. That was the largest gain since the series was first published in September 1984 and followed an 18.0% annual increase in October.