Reflecting a sharp pullback in prices for fuel imports, the Labor Department released a report on Friday showing U.S. import prices fell by more than expected in the month of July.
The Labor Department said import prices slumped by 1.4 percent in July after rising by an upwardly revised 0.3 percent in June.
Economists had expected import prices to decline by 1.0 percent compared to the 0.2 percent uptick originally reported for the previous month.
The report also showed export prices tumbled by 3.3 percent in July after climbing by 0.7 percent in June. Export prices were expected to decrease by 1.1 percent.
