RTTNews - Thursday morning, the Labor Department released its report on import and export prices in month of July, showing modest decreases in both import and export prices. A notable decline in the prices of petroleum imports contributed to drop in import prices.

The report showed that import prices fell 0.7 percent in July following a 2.6 percent increase in prices in June. This marks the first drop in import prices since prices fell 1.3 percent in January.

Additionally, the Labor Department said that export prices edged down 0.3 percent in July after rising 1.0 percent in the previous month.

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