Record decline in import prices during 1998
January 19, 1999
Over the past year, import prices fell 6.1 percent, the largest annual decline recorded for the import price index since publication of the series began in 1983. Much of the decline was attributed to falling oil prices: petroleum prices fell 40.0 percent over the past year, bringing the oil import price index level to its lowest level since 1983.
Even among non-petroleum goods, the rate of price decline was slightly higher in 1998 than in 1997. For the year, this index fell 3.1 percent, compared with a 2.8 percent decrease in 1997.
Over the past 12 months, import prices from Latin America were down 9.9 percent, while prices of imports from the Asian Newly Industrialized Countries fell 8.2 percent. Canadian import prices declined 3.5 percent in 1998. Despite gains in the last two months of the year, prices from Japan fell 3.0 percent over the past year. Prices for imports from the European Union were down 0.7 percent.
Estimates of import prices and other international price indexes are produced by the International Price Index program. Additional information may be found in news release USDL-99-13, "U.S. Import and Export Price Indexes—December 1998."Â
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Record decline in import prices during 1998 on the Internet at http://www.bls.gov/opub/ted/1999/jan/wk3/art01.htm (visited September 25, 2016).
Recent editions of Spotlight on Statistics
A look at healthcare spending, employment, pay, benefits, and prices
As one of the largest U.S. industries, healthcare is steadily growing to meet the needs of an increasing population with an increasing life expectancy. This Spotlight looks at how much people spend on healthcare, current and projected employment in the industry, employer-provided healthcare benefits, healthcare prices, and pay for workers in healthcare occupations.
Employment and Wages in Healthcare Occupations
Healthcare occupations are a significant percentage of U.S. employment. Some of the largest and highest paying occupations are in healthcare. This Spotlight examines employment and wages for healthcare occupations.
Fifty years of looking at changes in peoples lives
Longitudinal surveys help us understand long-term changes, such as how events that happened when a person was in high school affect labor market success as an adult.