US December import price index -1.0% vs -1.3% m/m expected

December import/export price data

• Prior was -1.6% m/m (revised to -1.9%)

• Ex petroleum +0.3% vs 0.0% exp

• Prices -0.6% y/y vs -0.8% exp

Export prices:

• Export prices -0.6% m/m vs -0.9% prior

• Prices +1.1% y/y vs +1.6% prior

The declines are all about the drop in oil prices but excluding them, there was a bit of imported inflation. In any case, it's not even a blip on the Fed's radar.