U.S. import prices fell in June for the first time in a year as petroleum and food costs tumbled, according to a government report on Wednesday that suggested the commodity-driven spike in inflation was abating.
Overall import prices dropped 0.5 percent, breaking eight straight months of increases, the Labor Department said, after gaining 0.1 percent in May.
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Economists polled by Reuters had expected prices to drop 0.6 percent last month. Import prices were up 13.6 percent in the 12 months through June.