U.S. import prices in July posted their biggest decline in six months as the cost of petroleum products and other goods fell, suggesting inflation could remain tame for a while.
The Labor Department said on Thursday import prices dropped 0.9 percent last month, the largest fall since January, after being unchanged in June. Import prices have now declined in 11 of the last 13 months.
Economists had forecast import prices falling 1.1 percent after a previously reported 0.1 percent dip in June.
In the 12 months through July, prices dropped 10.4 percent.