US import prices drop as energy price crash like in 2008
BP
384.00p
15:45 15/11/24
The cost of imported goods in the States fell sharply last month as energy prices crashed.
FTSE 100
8,060.61
15:45 15/11/24
FTSE 350
4,453.56
15:45 15/11/24
FTSE All-Share
4,411.85
15:45 15/11/24
Oil & Gas Producers
8,043.72
15:45 15/11/24
Shell 'B'
1,894.60p
17:05 28/01/22
According to the Bureau of Labor Statistics, the US import price index fell at a month-on-month pace of 3.2% in March (consensus: -3.0%), led by a 26.8% drop in energy prices.
That was the biggest one-month fall in energy prices since 2008, when they crashed 27.8%.
Petroleum prices declined by 27.4%, alongside a 16.5% decrease in those for natural gas.
Outside of energy on the other hand, import prices were unchanged versus February.
Prices for agricultural exports meanwhile were down by two tenths of a percentage point on the prior month, with those for agricultural prices 0.1% lower and those for non-agricultural exports 0.2% lower.
Total import prices were 4.9% lower on a year ago.