WASHINGTON: US import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of ...
WASHINGTON: US import prices dropped by the most in more than five years in March amid declines in the costs of petroleum products and a range of other goods, pointing to import deflation that could deepen amid the coronavirus pandemic.
Economists polled by Reuters had seen import prices tumbling 3.2 per cent in March. In the 12 months through March, import prices plunged 4.1 per cent. That was the biggest drop since June 2016 and followed a 1.3 per cent decline in February. "We look for the headline US CPI to drop below 0.5 per cent on a year-ago basis in the second quarter and remain there through the rest of this year," said Ryan Sweet, a senior economist at Moody's' Analytics in West Chester, Pennsylvania."We also expect a noticeable deceleration in the core CPI this year."
Excluding fuels and food, import prices edged up 0.1 per cent last month, matching February's gain. The so-called core import prices fell 0.6 per cent in the 12 months through March.
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