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U.S. Import Prices Unexpectedly Dip 0.2% In December

Import prices in the U.S. unexpectedly showed a modest decrease in the month of December, according to a report released by the Labor Department on Friday.

The Labor Department said import prices edged down by 0.2 percent in December after climbing by 0.7 percent in November. The dip surprised economists, who had expected import prices to rise by 0.3 percent.

The report also unexpectedly showed a steep drop in export prices, which plunged by 1.8 percent in December after increasing by a downwardly revised 0.8 percent in November.

Economists had expected export prices to surge by 1.1 percent compared to the 1.0 percent jump originally reported for the previous month.

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