US import prices drop sharply in April

Import prices in the US crashed during April amid a steep drop in energy costs.

According to the Department of Labor, in seasonally adjusted terms, the country's import price index fell at a month-on-month pace of 2.6%, for a 6.8% drop year-on-year.

Fuel import prices crashed by 31.5% by those for non-fuel imports declined by 0.5%.

Export prices also fell back, retreating by 3.3%, with those for agricultural exports down by 3.1% and those for non-agricultural exports declining by 3.3%.