After a mixed picture of America’s inflationary outlook from CPI and PPI, import prices were expected to shrink year-over-year for the fourth month in a row in March.
But both import and export prices came in hot in March, rising 0.6% and 0.7% MoM respectively, which pushed import prices back to unchanged year-over-year (but fell 0.8% ex-fuel)…
Import prices ex-fuels fell 0.2% m/m after rising 0.2% in Feb.
Import prices ex-petroleum rose 0.2% m/m after rising 0.2% in Feb.
Import prices ex-food and fuel fell 0.7% y/y in March
February levels were also revised higher.
The big driver of March’s import price increases was fuels, which rebounded notably…
And China exported the most deflation since Nov 2007…