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U.S. import prices rise above expectations in January, likely to underpin consumer goods inflation

U.S. import prices grew in January. On a sequential basis, import prices grew 1 percent, coming in above consensus expectations of a rise of 0.8 percent. Moreover, December print was upwardly revised, with a two-tenths revision to non-petroleum prices. A sharp rise in imported petroleum prices mainly drove the headline imported inflation higher. Non-petroleum imported prices grew unexpected, rising a strong 0.5 percent.

Within non-petroleum imported prices, most of the rise came from industrial supplies, while prices of capital goods and autos recorded just modest growth. Imported prices of consumer goods came in flat on the month, after modest deflation in the prior month.

On a year-on-year basis, total import prices rose 3.6 percent in January, while import prices excluding fuels rose 1.9 percent year-on-year. In the meantime, imported inflation from industrialized nations rose higher. In all, imported price pressures appear to be holding up well, implying that this category of prices is expected to underpin consumer goods inflation in the months ahead, noted Barclays in a research report.

At 20:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bearish at -95.9054. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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