Import Prices Fall 3.7% in August

The price of goods imported to the United States fell 3.7% in August, led by declining oil prices, the Labor Department said Thursday.

The decline followed a revised 0.2% increase in July. Prices excluding petroleum fell 0.3%.

U.S. export prices fell 1.7% last month, the biggest drop since records began being kept in late 1988, Labor said.