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Economic Report: Cost of imported goods fall 0.2% in August

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The cost of imported goods is 2.2% lower compared to one year ago.

The cost of imported goods slipped 0.2% in August largely because of lower oil prices.

The import price index fell last month for the first time since February, the government reported Wednesday. In the 12 months from August 2015 to August 2016 import prices dropped 2.2%.

Excuding fuel, import prices were flat.

The price of U.S. exports, meanwhile, sank 0.8% in August as the cost of farm crops posted the biggest drop in three years. Export prices are 2.4% lower vs. a year ago.

Imports have contributed to low U.S.

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