Import Prices Fall 0.6% in May

The price of goods imported to the United States fell 0.6% in May as oil prices declined, the Labor Department said Tuesday.

The decline followed a revised 1.1% gain in April that was higher than originally reported.

Economists had forecast prices to fall 1.2% in May, Bloomberg reported. Excluding petroleum, prices rose 0.5%.

U.S. export prices rose o.7%, following a 1.2% gain in April, Labor said.