U.S. Import Prices Unexpectedly Decrease In July

(RTTNews) - The Labor Department released a report on Tuesday showing an unexpected decline in import prices in the U.S. in the month of July.

The report said import prices fell by 0.4 in July following a revised 0.3 percent decrease in June.

Economists had expected import prices to inch up by 0.1 percent compared to the 0.3 percent increase originally reported for the previous month.

The Labor Department also said export prices tumbled by 1.3 percent in July after falling by a revised 0.7 percent in June.

Export prices were expected to come in unchanged compared to the 0.6 percent decrease originally reported for the previous month.