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U.S. Import Prices Fall Sharply In December Amid Lower Fuel Prices

Import prices in the U.S. showed another substantial decrease in the month of December, the Labor Department revealed in a report on Wednesday, with fuel prices leading the way lower once again.

The Labor Department said its import price index plummeted by 2.5 percent in December after tumbling by a revised 1.8 percent in November. Economists had expected import prices to slump by 2.7 percent.

Additionally, the report said export prices fell by 1.2 percent in December following a 0.8 percent drop in the previous month. Export prices had been expected to fall by 0.5 percent.

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