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U.S. Import And Export Prices Drop Much More Than Expected In January

U.S. import and export prices both fell by much more than anticipated in the month of January, according to a report released by the Labor Department on Friday.

The report said import prices fell by 0.5 percent in January after tumbling by 1.0 percent in December, while economists had expected import prices to edge down by 0.1 percent.

Excluding a steep drop in prices for fuel imports, import prices still dipped by 0.2 percent in January after coming in unchanged in the previous month.

The Labor Department said export prices also slid by 0.6 percent for the second consecutive month in January. Economists had expected export prices to slip by 0.1 percent.

Prices for non-agricultural exports fell by 0.3 percent in January after plunging by 1.1 percent in the previous month.

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