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, ...
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.
It said while not directly related to the coronavirus pandemic, response rates for March were approximately 6.5 percentage points lower than March 2019. Cheaper gasoline and weak demand are expected to offset price increases caused by bottlenecks in the supply chain.In March, prices for imported fuels and lubricants dropped 26.8 per cent, the most since November 2008, after diving 9.0 per cent in February.
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