Import Prices Fall 0.5% in April as Fuel Costs Decline

The price of goods imported to the United States fell 0.5% in April, led by a decline in petroleum costs, the Labor Department said Tuesday.

The downturn followed a revised 0.2% decrease in March that was lower than originally reported.

The April decline matched economists’ forecasts, Bloomberg News reported.

Imported oil costs fell 1.9%, following a 1.9% decline in March. Prices excluding petroleum fell 0.7%.

U.S. export prices fell 0.7%, following a 0.5 % decrease in March, Labor said.