This Economic Letter looks at the relationship among changes in the exchange rate value of the dollar and in import … the dollar at this point is affecting U.S. prices less than it has historically. The reasons for the difference include … years. Looking ahead, then, it appears likely that the recent dollar depreciation will have only very moderate effects on …

Since February of 2002, the dollar has lost 27% of its value relative to other major currencies. Over the same period …