U.S. import and export prices both decreased in June, the U.S. Department of Labor reported on Tuesday.

Prices for U.S. imports declined 0.9 percent in June, after recording no change in May. This was the first monthly decrease since the index fell 1.4 percent in December 2018. Falling prices for both fuel and nonfuel imports in June contributed to the overall decrease.

Import prices decreased 2.0 percent over the past 12 months, the largest over-the-year drop since the index fell 2.2 percent from August 2015 to August 2016.

Import fuel prices dropped 6.5 percent in June, after a 2.3-percent advance the previous month. The June downturn was the first monthly decline since the index decreased 13.3 percent in December 2018. Lower petroleum and natural gas prices in June both contributed to the overall fall in fuel prices.

The price index for import petroleum declined 6.2 percent in June, after rising 2.4 percent in May. Natural gas prices fell 21.0 percent in June and 58.4 percent in the second quarter of 2019.

The price index for nonfuel imports declined 0.3 percent for the second consecutive month in June. From June 2018 to June 2019, nonfuel import prices declined 1.4 percent.

Prices for U.S. exports fell 0.7 percent in June following a 0.2-percent decline the previous month. The June decline was the largest monthly drop for the index since a 0.8-percent decrease in November 2018.

The price index for overall exports fell 1.6 percent for the year ended in June, the largest 12-month decline since the index decreased 2.4 percent from August 2015 to August 2016.

The price index for agricultural exports increased 2.7 percent in June, after decreasing 1.1 percent the previous month. The advance was the largest monthly rise since the index increased 3.8 percent in December 2018. In June, the advance was led by a 13.5-percent rise in corn prices and a 5.0-percent increase in soybean prices

Nonagricultural export prices decreased 1.1 percent in June following a 0.2-percent drop the previous month. The price index for nonagricultural exports declined 1.6 percent for the year ended in June, the largest 12-month drop since the index fell 2.3 percent for the year ended in August 2016.

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