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Import prices fall; 10% decrease during last 12 months

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Import prices fall; 10% decrease during last 12 months

Import prices have fallen 11 of the last 12 months.

Import prices fell unexpectedly in June, according to a report from the Labor Department.

Prices fell 0.1% during the month, following a revised 1.2% increase in May, this despite a 0.8% increase in petroleum prices.

Analysts had expected an increase of 0.1%

The strong US dollar is considered by most economists to be the driving factor in lower import prices, as the dollar has risen over 11% against the currencies of her main trading partners around the world. 

Import prices have now fallen for 11 of the last 12 months, and since June 2014, prices have fallen by a full 10.0%.

 

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