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July 13, 2011 9:00 AM, EDT

Imported Goods Prices Fall for First Time in a Year

The price of goods imported to the United States fell 0.5% in June, the first decline in a year, the Labor Department said Wednesday.

The downturn, which followed a revised 0.1% gain in May, compared with economists’ forecasts of a 0.6% decline, Bloomberg reported.

Imported petroleum prices dropped 1.6% but were still up 50% from a year earlier. Prices excluding fuel dipped 0.1%. Food import prices fell 1.9%, the biggest drop since February 2009.

U.S. export prices rose 0.1% following a 0.2% gain in May, Labor said.