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For a straight 10th month, US import prices declined in April. The decline could be due to the impact of a strong dollar.
On Wednesday, the Labor Department affirmed that import prices declined 0.3% in April and in March, it slipped 0.2%. On the other, when Reuters conducted a survey of economists, they had predicted import prices rise 0.2%.
Weak import price reflects about soft global demand, declining prices for gasoline and other petroleum products. Last time, the import prices increased in June 2014. As per experts, the latest weakness is also a sign of a stronger US dollar that makes foreign goods and services quite cost effective for US consumers.
In April, the price of imported oil improved and petroleum import prices increased 1%. In the case of non-petroleum imports, the prices fell 0.4% from a month earlier and 2.7% from a year ago.
Talking about the most noticeable monthly decline in April, include a 7% drop in natural gas; a 0.9% decline in foods, feeds and beverages and a 1.1% drop in durable industrial supplies and a 2% drop in unfinished metals.
No change was seen in auto-import prices from March. The US exports fell o0.7% in April from March. Experts affirmed that US inflation has declined in past few years and as per them, inflation will remain low in the coming months as well.
Later this year, inflation will start picking up. Federal Reserve officials have affirmed that they want to see inflation moving towards 2% of their target. The officials are quite positive that the inflation will return to their 2% objective, as “the labor market improves further and the transitory effects of declines in energy and import prices dissipate”.