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Small Upside For Non-Oil Import Prices Doesn't Move The Needle

US DATA
  • Total import prices were a tenth stronger than expected in April at 0.4% M/M (cons 0.3) but after a two tenths downward revision (-0.8% vs -0.6 prior). The revisions largely offset with the Y/Y as expected at -4.8%.
  • Import prices ex petroleum meanwhile saw a clearer cut upside surprise, although still fell -0.1% M/M (cons -0.3) after an unrevised -0.64% M/M kept it to technically the largest monthly decline since Jan’15.
  • Given the volatility of the data, the release doesn’t materially change the theme of input cost pressures moderating, but with underlying producer and consumer goods prices yet to see outright deflation.

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