US import prices suffered their steepest decline in nearly five months in March due to the continued decline in petroleum product prices.
The Department of Labor announced on Friday that import prices fell 0.6% in the United States last month, their sharpest decline since November 2022, after falling 0.2% in February.
Over 12 months, import prices fell by 4.6%, their largest since May 2020.
Fuel prices fell 2.9% after already falling 5.7% in February, while imported food prices fell 0.5%.
Excluding fuel, import prices fell 0.5% last month after rising 0.9% in the past three months.
Export prices fell by 0.3% in March after increases of 0.4% in February and 0.3% in January respectively. On an annual basis, they show a decline of 4.8%, their most pronounced decline since May 2020.
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