WASHINGTON (dpa-AFX) - In the third inflation-related report of the week, the Labor Department revealed Thursday that U.S. import and export prices both dropped by more than expected in the month of May.
The Labor Department said import prices fell by 0.3 percent in May following a revised 0.1 percent uptick in April.
Economists had expected imports prices to dip by 0.2 percent compared to the 0.2 percent increase originally reported for the previous month.
Additionally, the report said export prices edged down by 0.2 percent in May after inching up by a revised 0.1 percent in April.
Export prices had been expected to slip by 0.1 percent compared to the 0.2 percent growth originally reported for the previous month.
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