The U.S. import prices saw a slump in November for the fifth month in a row, triggered by a decline in the petroleum products costs and some others, which back up the projections that inflation may cool down a bit by the next year.

According to the Labor Department announcement, the figures of the import prices came as follow, a slip by 0.4% in November that followed a dip 0.4% for the earlier month, where expectations hovered around a retreat of 0.5%.

On a yearly basis, the import prices nudged up by 2.7%, which is considered the lowest earning since the beginning of 2021, post ticking up by 4.1% in the earlier month.

A retreat in the imported fuel prices for November by 2.8% post earlier slip of 2.7% last month while the petroleum prices saw a drop of 3.3%.

The core import prices that strip away fuel and food, slumped by 0.1%, affected by the solid greenback.