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US DATA: Import Prices Offer Some Mild Inflationary Pressure

US DATA
  • Import prices were stronger than expected in July as they increased 0.1% M/M (cons -0.1) after 0.0%, with non-oil import prices also a little stronger than expected at 0.2% M/M (cons 0.1).
  • Non-oil import prices have recently better tracked the monthly spikes in core PPI measures, with both exceeding CPI core goods prices in a sign of curtailed ability to pass costs on as surveys have been noting.
  • Nevertheless, in trend terms, non-oil import price inflation has now increased to 1.1% Y/Y, off the recent low of -2.2% Y/Y from May 23 and from -1.3% Y/Y back in January.

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