Driven by a steep drop in the fuel index, U.S. import prices fell sharply in May, while prices of U.S. exported goods fell for the first time in 2012, according to figures released Tuesday by the Labor Department.
The overall price index for U.S. imports fell by 1 percent in May, marking the largest single month drop since June 2010.
Most economists, however, had expected a somewhat higher, 1.1 percent decline in the costs of imported goods.
Export prices, which had increased 2 percent over the first four months of the year, fell 0.4 percent in May, the first monthly decline of 2012.
by RTT Staff Writer
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