March import price index was flat after a...>

US DATA: March import price index was flat after a string of seven 

consecutive gains. Import prices ex petro +0.1% and ex all fuels +0.2%. 

The data is unlikely to cause much concern as PPI and CPI data have 

already been reported for March.

- The modest gain in import prices ex fuels was driven by increases in 

industrial supplies ex. fuels, foods and feeds, and capital goods. These 

were partially offset by declines in prices for autos and consumer goods.

- Overall import prices +3.6% y/y, and non-fuel imports +2.1% y/y, so 

there are some signs of inflation pressure from imports. Still, the y/y 

rates are not out of line with recent months.

- Export prices +0.3%, but were -0.1% ex. agriculture. Agricultural 

export prices +3.4%.