We present priority queues in the external memory model with block size B and main memory size M that support on N elements, operation Update (a combination of operations Insert and DecreaseKey) in O(1/Blog_{M/B} N/B) amortized I/Os and operations ExtractMin and Delete in O(ceil[(M^epsilon)/B log_{M/B} N/B] log_{M/B} N/B) amortized I/Os, for any real epsilon in (0,1), using O(N/Blog_{M/B} N/B) blocks. Previous I/O-efficient priority queues either support these operations in O(1/Blog_2 N/B) amortized I/Os [Kumar and Schwabe, SPDP \u2796] or support only operations Insert, Delete and ExtractMin in optimal O(1/Blog_{M/B} N/B) amortized I/Os, however without supporting DecreaseKey [Fadel et al., TCS \u2799]. We also present buffered repository ...