By Ruth Mantell
WASHINGTON (MarketWatch) -- The prices paid for goods imported into the U.S. declined by 0.2% in July, the first drop in three months, led lower by fuel prices, the U.S. Labor Department reported Thursday. Economists polled by MarketWatch had forecast a 0.3% drop, following a 0.1% gain in June. Import prices for fuel fell 1.2% in July, the first decline in three months. Excluding fuel, import prices were unchanged in July. Of note, import prices for automotive vehicles fell 0.8% last month, the largest drop since 1992. Meanwhile, the prices of U.S.-made goods exported to other nations were unchanged in July. Prices for agricultural exports fell 2.2% in July, the largest drop since August 2013. Prices for nonagricultural exports rose 0.3%, the largest increase since March. Over the past year import prices have climbed 0.8%. Excluding fuel, annual import-price growth was 0.4%, the fastest 12-month pace since June 2012.
