Import Price Drops for First Time in Three Months
The price of imported goods dropped in July, the first decline in three months, the Labor Department reported Aug. 14.
July’s 0.2% decline follows a 0.1% increase the prior month. The last decline was 0.6% in April.
The drop was led by retreating costs for fuels and the biggest decrease for automobiles since 1992, Bloomberg News reported. Excluding fuel, prices were unchanged for the third time in the past four months.
Import fuel prices fell 1.2% in July after rising 1% in June and 1.3% in May, according to the Labor Department.
Prices for U.S. exports were unchanged in July after a 0.4% decrease in June.
