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U.S. import prices drop the most in over two years

EURUSD News by Newsroom on 09:35 July 13, 2018 EST


The Labor Department said on Friday import prices dropped 0.4 percent last month, the largest decline since February 2016. Data for May was revised to show import prices increasing 0.9 percent instead of rising 0.6 percent as previously reported.

 Prices for petroleum products fell and a strong dollar weighed on the costs of other goods, pointing to benign import inflation pressures.

Economists had forecast import prices edging up 0.1 percent in June. In the 12 months through June, import prices increased 4.3 percent after advancing 4.5 percent in May.

The dollar retreats after the release but it is set to close the week as the strongest of the majors.






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