Falling Cost Of Oil Lowers Import Prices

Economy

Prices U.S. businesses paid for imported goods fell 0.7 percent in February as petroleum costs declined, according to Labor Department figures.

Petroleum import prices fell 7.2 percent last month, after rising a revised 1.4 percent in January, the government said.

Excluding petroleum, import prices advanced 0.1 percent in February.

In other reports this week:

The Commerce Department said housing starts jumped 12.2 percent in February to a seasonally adjusted 1.53 million annual rate, up from 1.36 million in January.

The Labor Department said consumer prices increased a moderate 0.3 percent in February with little sign of inflation except for normally volatile items such as vegetables and natural gas.