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US DATA: Non-Oil Import Prices Surprise Lower In August

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Import prices were softer than expected in August at -0.3% M/M (cons -0.2), and more notably import prices ex-petroleum at -0.1% M/M (cons 0.2).
  • This ex-oil category came after a downward revised 0.1% in July but it was offset by an upward revised 0.2% in June (the latter albeit obscured by rounding).
  • Having somewhat matched the year-to-date strength seen in core PPI inflation, this latest reading is more in keeping with core goods CPI inflation.
  • Looking more broadly, non-oil import prices have printed 1.1-1.2% Y/Y increases for three months now vs -1.3% Y/Y at the start of the year.
  • USD weakness suggests there could be some further increases ahead although the relationship is unsurprisingly weak considering the relatively closed nature of the US economy. 
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  • Import prices were softer than expected in August at -0.3% M/M (cons -0.2), and more notably import prices ex-petroleum at -0.1% M/M (cons 0.2).
  • This ex-oil category came after a downward revised 0.1% in July but it was offset by an upward revised 0.2% in June (the latter albeit obscured by rounding).
  • Having somewhat matched the year-to-date strength seen in core PPI inflation, this latest reading is more in keeping with core goods CPI inflation.
  • Looking more broadly, non-oil import prices have printed 1.1-1.2% Y/Y increases for three months now vs -1.3% Y/Y at the start of the year.
  • USD weakness suggests there could be some further increases ahead although the relationship is unsurprisingly weak considering the relatively closed nature of the US economy.