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US import prices unexpectedly drop in June

U.S. import prices unexpectedly fell in June after rising sharply a month earlier.

Import price fell 0.4 percent in the month. Import prices were forecast to rise 0.1 percent in June, after climbing 0.6 percent a month earlier.

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Consumer prices rise at the fastest pace in 6 years

Key Points
  • U.S. consumer prices rose 0.1 percent in June.
  • The underlying trend continued to point to a steady buildup of inflation pressures that could keep the Federal Reserve on a path of gradual interest rate increases.
  • In the 12 months through June, the CPI increased 2.9 percent, the biggest gain since February 2012.