US January import prices +0.8% versus 0.0% expected

rt

• Prior import prices 0.0% (revised to -0.7%)
• Export prices +0.8% m/m vs -0.1% expected
• Prior export prices -0.9% (revised to -0.7%)

These numbers are hot but the pass-through to CPI is tenuous. I would suggest the BLS is struggling with seasonal adjustments.