U.S. Import Prices Decline in January, Labor Department Reports

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The price of goods imported to the United States fell 1.2% in January, the most in three months, the Labor Department said Thursday.The rise followed a 1.1% increase in December. Economists had expected prices to fall 1.1% in November, Bloomberg reported.Excluding petroleum, prices were unchanged, Labor said. Petroleum prices plunged 7.3% last month after rising 4.3% in December.Export prices rose 0.3% following a 0.7% gain in December.