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Import prices jumped 0.8% last month, the largest gain since
March 2022, after a revised 0.7% decline in December, the Labor
Department's Bureau of Labor Statistics said on Thursday. Import
prices were previously reported to have been unchanged in
December. Economists polled by Reuters had forecast import
prices, which exclude tariffs, would be unchanged in January.
In the 12 months through January, import prices fell 1.3% after
decreasing 2.4% in December. Annual import prices have now
dropped for 12 consecutive months, though the pace of decline is
slowing. Government data this week showed that consumer prices
picked up in January, driven by higher rental costs as well as
price increases at the start of the year.
Financial markets have pushed back their interest rate-cut
expectations to June from May. Since March 2022, the Federal
Reserve has raised its policy rate by 525 basis points to the
current 5.25%-5.50% range.
Imported fuel prices rebounded 1.2% in January. That followed a
7.7% plunge in December. The cost of imported food surged 1.5%
after dipping 0.1% in the prior month.
Excluding fuels and food, import prices rose 0.7% after being
unchanged in December. These so-called core import prices fell
0.6% on a year-on-year basis in January.
Prices for imported capital goods rose 0.4% last month after
slipping 0.1% in December. The cost of motor vehicles, parts and
engines jumped 0.8% after rising 0.1% in the prior month.
Consumer goods excluding automotives soared 1.1%. Prices of
goods imported from China fell 0.3%. They dropped 2.9% on a
year-on-year basis in January.
The report also showed export prices rebounded 0.8% after
declining 0.7% in December. Export prices fell 2.4% on a
year-on-year basis in January after decreasing 2.9% in December.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
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