July 12, 2012 9:30 AM, EDT

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.

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