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Non-Oil Import Prices See Largest M/M Decline Since 2015

US DATA
  • Import prices surprisingly fell in March with the non-oil component down -0.6% M/M (cons 0.0) after a marginally upward revised -0.3% (initial -0.4) in Feb.
  • It adds to yesterday’s downside surprise for core PPI inflation which showed a sharper recent downtrend in underlying cost inflation following a sizeable improvement supply chain pressures.
  • At -0.64% M/M vs -0.63% M/M of Jul’22, it technically squeezes to the largest monthly decline since Jan’15.

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