Import Prices Fall, Continue 11- of 12-Month Decline in June

U.S. import prices unexpectedly fell in June by 0.1 percent, marking another decline during 11 of the previous 12 month, the Labor Department said Tuesday. Import prices last month were also downwardly revised to a 1.2 percent increase for May.

Economists had forecast import prices increasing by 0.1 percent after a previously reported 1.3 percent gain in May. However, in the 12 months through June, import prices fell 10.0 percent.

Last month, imported petroleum prices gained 0.8 percent after surging 11.7 percent in May. But import prices excluding petroleum fell 0.2 percent after remaining sideways in May. Imported food prices in June dipped by 0.6 percent after gaining 0.2 percent in May, while prices for imported capital goods were unchanged and automobiles fell 0.1 percent.

The report also showed export prices fell 0.2 percent last month after rising 0.6 percent in May. Export prices dropped 5.7 percent in the 12 months through June.