By Rex Nutting
WASHINGTON (MarketWatch) - The global economic slump is driving down the prices of traded goods and services at a record pace, the Labor Department reported Thursday. Prices of goods and services imported into the United States plummeted a record 6.7% in November as imported crude oil prices fell a record 25.8%. It's not just petroleum prices that are falling: Prices of nonfuel imports fell a record 1.8%. The prices that U.S. producers received for their exports also fell, dropping a record 3.2% in November. In the past 12 months, import prices are down 4.4%, including a 29% drop in petroleum prices. It's the largest year-over-year decline in import prices since 2002.
