The U.S. Bureau of Labor Statistics (BLS) reported that U.S. import prices fell 2.7 percent in June, following a 1.2-percent decrease in May. Lower prices for both fuel and nonfuel imports contributed to the overall decline, according to the report. U.S. export prices also fell 1.7 percent in June after a 0.4-percent drop the previous month.

According to the BLS, the June drop was the largest monthly decrease since the index fell 4.6 percent in December 2008. The price index for U.S. imports decreased 2.6 percent over the past 12 months, the largest year-over-year decline since the October 2008-09 period. In contrast, import prices rose 13.6 percent for the year ended June 2011.

Likewise, the price index for U.S. exports declined 1.7 percent in June, the largest monthly decline since the index fell 2.0 percent in October 2011, according to the BLS. Falling prices for both agricultural and nonagricultural exports each contributed to the decline.

U.S. export prices also fell overall for the June 2011-12 period, decreasing 2.1 percent. The decline over the past year was the largest 12-month drop since the index declined 3.6 percent between October 2008 and October 2009, reported the BLS.

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