Import Prices Drop for Third Consecutive Month in May

The price of goods imported to the United States fell 0.6% last month, reflecting broad-based declines, the Labor Department reported Thursday.

The decrease followed a 0.7% decline in April.

Economists’ had forecast no change, Bloomberg reported.

Prices, excluding petroleum, fell 0.3% and were down 1.1% from the same month last year, the largest year-over-year decrease since November 2009.

U.S. export prices fell 0.5%, following a 0.2% decline in April, Labor said.