Import prices eased in February for the first time in three months as petroleum import prices fell, while declining costs helped boost New York factory activity to the strongest level in nearly two years, figures on Wednesday showed.
The Labor Department reported import prices fell 0.5 percent in February, as expected, as the cost of imported petroleum, food and industrial supplies all declined. And the New York Federal Reserve Bank said its “Empire State” index of manufacturing conditions surged to 31.16 in March, its highest level since July 2004, from an upwardly revised 21.02 in February.
