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From July 2011 to July 2012 U.S. import prices declined 3.2 percent, the largest year-over-year decline in import prices since the index fell 5.6 percent for the year ended October 2009; from July 2010 to July 2011 U.S. import prices increased 13.7 percent. The price index for U.S. exports fell 1.2 percent from July 2011 to July 2012, following a 9.8-percent increase for the July 2010 to July 2011 period.
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Fuel import prices declined 13.0 percent from July 2011 to July 2012, after advancing 44.8 percent from July 2010 to July 2011. A 12.3-percent drop in petroleum prices and a 34.5-percent decrease in natural gas prices each contributed to the decline in fuel import prices over the past year. Nonfuel import prices were unchanged for the year ended in July 2012, as higher finished goods prices offset falling prices for nonfuel industrial supplies and materials and foods, feeds, and beverages.
The decline in export prices from July 2011 to July 2012 was led by a 1.9-percent drop in nonagricultural prices—the largest over-the-year drop for the index since a 2.9-percent decrease between October 2008 and October 2009. Prices for agricultural exports increased over the past year, rising 4.3 percent.
These data are from the International Price program. Import and export price data are subject to revision. To learn more, see "U.S. Import and Export Price Indexes — July 2012" (HTML) (PDF), news release USDL-12-1590.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import and export prices, July 2012 at https://www.bls.gov/opub/ted/2012/ted_20120813.htm (visited May 28, 2023).