December import prices
- Prior was +0.1%
- Ex petroleum +0.4% vs +0.1% exp
- Export price index +1.1% vs -0.8% m/m expected
- Year-over-year import prices -0.3%
- Year-over-year import prices ex petroleum +1.8%
- Year-over-year export prices +0.2%
It's tough to translate higher import prices into inflation because costs can be absorbed along the way. I wouldn't read too much into this, at least until we see oil get back to where it was in 2019.
