As reported in Economy - CNBC
Amid Covide-19 fears, U.S. import prices took a drastic drop in March of this year. Import taxes dropped by 2.3% in March, fueling fears that import deflation could worsen as the pandemic runs it's course. This drop was viewed as relating to petroleum prices and goods related to them. The consumer price index relating to gas and petroleum prices reflected the low demand for these products. As a consumer, the largest insecurity to support these report's claims comes from the fact that lesser amounts of petroleum-based fuels are being used by everyday consumers. Fewer people are traveling for work on personal transportation, along with state and local governments spending more on health care services as opposed to spending on petroleum-based fuels. While there are many unknowns about our current economic situation, we must trust that the governments around us will do what they must to protect our citizens and our economic securities.