News) - U.S. inflation pressures have eased more than expected as the nation’s economy ground to a halt last month due to the growing COVID-19 pandemic.
Friday, the U.S. Labor Department said its U.S. Consumer Price Index fell 0.4% in March, after a 0.1% rise in February. The data was weaker than consensus forecasts as economists were expecting to see a 0.3% decline.
The report noted that the drop in inflation last month was the sharpest since decline since January 2015. For the year inflation is up 1.5%.
The drop in consumer price pressures was largely the result of a major drop in gasoline prices. The report said the gasoline index dropped 10.5% last month. Last month oil prices fell to an 18-year low below $20 a barrel as the coronavirus has severely curbed demand.


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