U.S. import prices drop 0.5% in April

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U.S. import prices drop 0.5% in April (by Jeffry Bartash)

WASHINGTON (MarketWatch) - U.S. import prices fell 0.5% in April after a revised 1.5% spike in March, mainly as the price of oil receded, according to fresh data from the Labor Department. Economists surveyed by MarketWatch expected a 0.2% decline. The government's index of imported petroleum prices fell 1.8% and the fuel index dropped a sharper 2.1%. Excluding fuel, U.S. import prices rose 0.1% last month. Imported autos posted the biggest increase since June 2011, up 0.4%, while food, feedstuff and beverages edged up 0.1%. Import prices have risen just 0.5% over the past 12 months. Export prices, meanwhile, rose 0.4% in April following a 0.8% increase in March.

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