Import Prices Fall 1% in May

The price of goods imported to the United States fell 1% last month, the biggest drop in almost two years, the Labor Department reported Tuesday.

The decrease followed an unchanged reading in April that had originally been reported as a 0.5% decline.

The drop matched economists’ forecasts, Bloomberg reported.

Prices excluding petroleum dipped 0.1%. Petroleum and refined products fell 4.2%, the most since May 2010.

Imported food costs declined 0.7%, while automobiles and parts slipped 0.1% in the first decline of the year.

U.S. export prices decreased 0.4%, following a 0.4% gain in April, Labor said.