By Ruth Mantell
WASHINGTON (MarketWatch) -- Prices of imported goods fell 0.7% in July, the first decrease since January, as petroleum prices declined, the Labor Department estimated Thursday. Analysts polled by MarketWatch had expected the import price index to fall 0.1%. Import prices were down 19.3% in the past year, the largest annual decline since the data were first published in 1982. In June, the import price index rose a revised 2.6%, compared with a prior estimate of a 3.2% gain. In July, imported petroleum prices fell 2.8%, the first decrease since January. The petroleum imports price index is down 49.9% over 12 months. Non-petroleum import prices fell 0.2% in July, and are down 7.3% for the year, the largest 12-month decline since the data began publication in 1985. Prices received by U.S. exporters fell 0.3% in July, the first decline since March, as agricultural export prices fell 4.9%. Non-agricultural export prices rose 0.2%. The exports index is down 8.1% over 12 months, the largest annual decline since data were first published in 1983. For the year, agricultural export prices are down 22.3%, the largest annual decrease since the data were first published in 1985. Non-agricultural exports are down 6.5% for the year, also a record annual decline.
