July 13, 2005 8:50 AM, EDT

Import Prices Rise 1% in June; Drop 0.4% Excluding Oil

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rices of imported goods rose 1% in June, following a drop in May that was the year’s only decline, the Labor Department said Wednesday.

The June increase matched economists’ forecasts, Bloomberg reported, and followed a revised 1% drop in May that had originally been reported at 1.3%.

Excluding petroleum, the import price index fell 0.4% for the month, the biggest drop in more than two years, Labor said. Imported petroleum prices rose 7.6% in June after falling 4.8% in May.

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

Import prices for consumer goods excluding automobiles fell 0.1% after a 0.1% rise in May.

The price of imports from China fell 0.1%, compared with no change in May.

Labor also reported that prices of U.S. products exported to other countries were unchanged. Prices for farm exports rose 1.2%, while those for non-farm exports fell 0.1%.