Import Prices Fall 1.3% in May; Drop is First This Year

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rices of imported goods fell 1.3% in May, the first drop this year, the Labor Department reported Friday.

The drop followed a revised 1.2% rise in April and was greater than the 0.4% decline predicted by economists, Bloomberg reported. April’s increase had been previously reported at 0.8%.

Higher prices for imports can hurt truckers who carry goods inland from ports to stores and warehouses.

Imported petroleum prices fell 6.5% in May, coming off a 5.4% rise and record high prices in April. Excluding petroleum, import prices fell 0.3%.

Import prices for consumer goods excluding automobiles rose 0.1% in May.

Imported goods from China gained 0.1%, down from a 0.3% increase in April.

Labor also reported that prices of U.S. products exported to other countries fell 0.1%.