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Import and export prices slid in June

July 11, 2013 at 12:06 PM   |   Comments

WASHINGTON, July 11 (UPI) -- U.S. import and export prices both fell in June for the third consecutive month, the Labor Department's Bureau of Labor Statistics said Thursday.

Import prices dropped 0.2 percent in the month after declining 0.7 percent in May, bureau said. Export prices eased back 0.1 percent after a decline of 0.5 percent in May.

Contrary to the standard pattern, lower import prices were the result of a drop in non-fuel imports, while fuel import prices rose.

"Unlike the May and April declines, where lower fuel prices contributed to the decreases, the June drop resulted solely from lower non-fuel prices," the monthly report said.

The price for imported fuel was slight, only 0.1 percent after a 1.9 percent drop in May and a 2 percent drop in April.

Over 12 months, prices for imported fuel rose 4.6 percent after dropping 11.5 percent from June 2011 to June 2012, the bureau said.

Among fuel imports, prices for petroleum products rose 2.9 percent over 12 months, while natural gas prices soared 93.3 percent over the same period.

Export prices for agricultural products rose moderately, climbing 0.6 percent, while non-agricultural export prices dropped 0.2 percent.

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