Import prices in February fall for 8th straight month
But pace of decline is slowing as US$ rally fades and oil prices stabilise
Add BT as a preferred sourceWashington
US import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the US dollar's rally fades and oil prices stabilise.
The Labor Department said on Friday that import prices slipped 0.3 per cent last month after a revised 1.0 per cent decrease in January. Import prices have decreased in 18 of the last 20 months, reflecting a robust US dollar and plunging oil prices. They were down 6.1 per cent in the 12 months through February. That was the smallest year-on-year drop since December 2014. Economists had forecast import prices slipping 0.6 per cent last month after a previously reported 1.1 per cent fall in January.
TRENDING NOW
On the board but frozen out: The Taib family feud tearing Sarawak construction giant apart
OCBC consumer banking chief Sunny Quek aims to double wealth business by 2029
SIA Engineering raises dividend as ‘robust’ demand drives H2 earnings up 20.9%
Not retirement, but a rewiring and fresh perspectives post-DBS, says Piyush Gupta
