2020.05.1412:43:00UTC+00U.S. Import Prices Tumble 2.6% In April

A report released by the Labor Department on Thursday showed steep drops in both import and export prices in the U.S. in the month of April.

The Labor Department said import prices plunged by 2.6 percent in April after tumbling by a revised 2.4 percent in March.

Economists had expected import prices to plummet by 3.1 percent compared to the 2.3 percent slump originally reported for the previous month.

Meanwhile, the report showed a 3.3 percent nosedive by export prices in April following a revised 1.7 percent decrease in March.

Export prices were expected to plunge by 2.1 percent compared to the 1.6 percent drop originally reported for the previous month.