Import Prices Fall 2.7%, Largest Drop Since 2008
The price of goods imported to the United States fell 2.7% last month, the biggest drop since December 2008, the Labor Department reported Thursday.
The decrease followed a 1.2% decline in May.
The drop was larger than economists’ forecasts of a 1.8% decline, Bloomberg reported.
Petroleum and refined products fell 11%, the most since December 2008. Prices excluding petroleum dipped 0.3%.
Imported food costs declined 1%, while automobiles and parts slipped 0.1%.
U.S. export prices decreased 1.7%, the most since October, Labor said.
© 2012, Transport Topics Publishing Group. All rights reserved.