December 2015 US import prices -1.2% vs -1.4% exp m/m

Details of the December 2015 US import export prices data report 14 January 2016

• Prior -0.4%. Revised to -0.5%
• -8.2% vs -8.4% exp y/y. Prior -9.4%. Revised to -9.5%
• Export prices -1.1% vs -0.5% exp m/m. Prior -0.6%. Revised to -0.7%
• -6.5% vs -6.3% prior y/y

Cheese prices led the move lower. I jest of course, petroleum was the driver falling 10.0% vs -3.6% in Nov. Industrial supplies was the other main mover falling 4.6%

US import/export prices details

This is the counter side to a strong dollar. Despite the continued lower prices, US core inflation is holding up very well which reinforces the Fed's belief about these being transitory factors