Import prices in February fall for 8th straight month

Washington

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.