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Economic Buzz: US Import Prices Tumble 0.9% In June
17-Jul-19   08:56 Hrs IST
US import prices tumbled by 0.9 percent in June, the Labor Department reported on Tuesday, partly reflecting a steep drop in fuel prices, while revised data showed prices were unchanged in May. Import prices had been expected to drop by 0.7 percent compared to the 0.3 percent decrease originally reported for the previous month. The bigger than expected decrease in import prices in June was partly due to a 6.5 percent nosedive in prices for fuel imports, which jumped by 2.3 percent in May. Excluding fuel imports, import prices fell by 0.3 percent for the second consecutive month amid lower prices for foods, feeds, and beverages, non-fuel industrial supplies and materials, capital goods and consumer goods. The report also showed a continued decrease in export prices, which slumped by 0.7 percent in June after dipping by 0.2 percent in May.

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