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Non-Oil Import Prices Follow PPI With Upside Surprise In January

US DATA
  • Overall import price growth was softer than expected in January, falling -0.2% (cons -0.1) after a downward revised -0.1% (initial 0.4%).
  • Notably different story when stripping out oil though, with import prices ex petroleum stronger than expected, rising 0.24 % M/M (cons -0.3%) after only a modestly downward revised 0.7% M/M in Dec.
  • In doing so it continued to buck the deflation trend having seen seven months of declining import prices through May-Nov.
  • The partial bounce in the past two months is consistent with January’s firming in both underlying core consumer goods and producer prices.


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