Low petrol prices drag CPI down in January
Decline largest since 2008; gauge of business investment plans rebounds
Washington
US consumer prices in January posted their biggest drop since 2008 as petrol prices continued to tumble, which could give a cautious Federal Reserve ammunition to keep interest rates low a bit longer.
The Labour Department said its Consumer Price Index fell 0.7 per cent last month, the largest decline since December 2008, after slipping 0.3 per cent in December. It was the third straight month of decline in the index.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Fed officials mull if rates are high enough as inflation expectations jump
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties
UN General Assembly backs Palestinian bid for membership
US chip workers are likely to quit jobs, worsening labour shortage
India's industrial output up 4.9% year-on-year in March
Pandemic treaty talks end without agreed text, next step up for debate