US import prices dip in June

Prices of goods purchased from overseas in the States dipped in June on the back of lower fuel import costs.

The import price index slipped by 0.2% month-on-month and was 1.5% higher year-on-year, according to the Department of Labor.

Economists had expected a drop of 0.2% on the month.

Fuel import prices declined by 2.1% in comparison to May while non-fuel prices edged up by 0.1%.

Export prices were also lower, falling by 0.2% as prices of agricultural goods decreased by 1.5%.