WASHINGTON — Import prices fell 0.6% in May to post the largest decrease since last July, but a smaller drop than economists estimated, the Labor Department reported yesterday.
Import prices excluding petroleum increased 0.5% with gains in capital goods and nonfuel industrial supplies prices.
Petroleum prices sank 5.0% in their largest drop since a 25% plunge in December 2008. Total fuel imports fell 4.9% for the month, also the largest decrease since December 2008.
Economists expected import prices to decrease 1.3%, according to the median estimate from Thomson Reuters. Import prices for April were revised higher to a 1.1% increase from the 0.9% rise reported last month. Import prices last declined in February.
Import prices improved 8.6% for the 12-month period ending in May compared to a 17.3% decrease for the May 2008 to 2009 period. Export prices increased 0.7% as coal prices rose.
