U.S. import prices unchanged as petroleum costs drop

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WASHINGTON (Reuters) – U.S. import prices were unexpectedly flat in April as a decline in the cost of petroleum offset gains in food and other products, a further sign that inflation has probably peaked, though it will remain elevated. The unchanged reading in import prices followed a 2.9% surge in March, the Labor Department said on Friday. In the 12 months through April, import prices rose 12.0% after accelerating 13.0% in the year through March. Economists polled by Reuters had forecast import prices, which exclude tariffs, would climb 0.6%. Import prices increased 6.8% over the first quart…

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