U.S. Import Prices Fall By Most In Six Months

The prices the U.S. paid for imported goods fell 0.9% in July, the biggest drop in six months. The price drop was led by a drop in fuel prices. However, excluding fuel, import prices declined by 0.3%, the Labor Department said Thursday. The price of U.S.-made goods exported to other nations also fell 0.2% in July. In the past 12 months import prices have dropped 10.4%, mostly because of a lower oil costs. Import prices are down a smaller 2.6% excluding fuel in the same span. Lower import prices have helped keep a tight lid on U.S. inflation, but that also reflects a tepid global economy.