Import Prices Drop 1.7%

Washington, DC, December 14, 2005–Prices of goods imported into the U.S. fell 1.7% in November, led by an 8% drop in the price of imported petroleum, the Labor Department said Wednesday.

It was the largest decline in import prices since April 2003.

Petroleum prices fell the most in almost a year. Imported crude oil prices dropped 6.2%. The 1.7% drop in import prices exceeded the expectations of economists, who had forecast 0.7% decline.