"Price pressures are beginning to ebb"
- Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC
U.S. import prices tumbled by the most in more than a year in May, said the Labor Department on Tuesday. Prices fell 1.00 per cent from April, reflecting lower costs for food and fuel.
"Price pressures are beginning to ebb," said Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC in New York.
"Slower global growth is influencing a lot of what we're seeing on the price front. From the Fed's perspective, that box of disinflationary conditions has already been checked off."
U.S. stocks gained on Tuesday. The Standard & Poor's 500 rose 1.17%, or 15.25 points, to 1,3324.18. The Dow Jones Industrial Average increased by 1.31%, or 162.57 points, to 12,573.80. The Nasdaq Composite Index gained by 1.19%, or 33.34 points, to 2,843.07.
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