With fuel prices seeing another steep decline, the Labor Department released a report on Tuesday showing that U.S. import prices fell in line with economist estimates in the month of June.
The Labor Department said import prices dropped by 0.2 percent in June after edging down by a revised 0.1 percent in May.
Economists had expected import prices to fall by 0.2 percent compared to the 0.3 percent decrease originally reported for the previous month.
The decrease in import prices came as prices for fuel imports plummeted by 2.1 percent in June after slumping by 1.2 percent in May.
Excluding fuel prices, import prices inched up by 0.1 percent in June after coming in unchanged in the previous month.
The uptick in prices for non-fuel imports came as higher prices for foods, feeds, and beverages and capital goods more than offset lower prices for automotive vehicles, consumer goods, and non-fuel industrial supplies and materials.
The report said export prices also fell by 0.2 percent in June after slumping by 0.5 percent in May. Export prices had been expected to come in unchanged.
The drop in export prices came as prices for agricultural exports tumbled by 1.5 percent in June after plunging by 1.6 percent in May.
Non-agricultural export prices were unchanged in June following a 0.4 percent decline in May, as higher prices for non-agricultural industrial supplies and materials and consumer goods were offset by decreasing prices for automotive vehicles.
by RTT Staff Writer
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