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Import prices in the U.S. showed a steep drop in the month of March, according to a report released by the Labor Department on Tuesday, while export prices also fell sharply.
The Labor Department said import prices plunged by 2.3 percent in March after falling by a revised 0.7 percent in February.
Economists had expected import prices to tumble by 1.7 percent compared to the 0.5 percent drop originally reported for the previous month.
The report said export prices also plummeted by 1.6 percent in March following a 1.1 percent slump in February. Export prices had been expected to show a 1.9 percent nosedive.
