US April import and export prices
- Prior was +4.2% y/y (revised to 4.3%)
- Import price index +0.5% m/m vs +0.1% expected
- Ex-fuels prices up +0.3% m/m
- Petroleum +1.6% m/m
- Prior import price index -0.2% (revised to +0.1%)
- Export prices 3.0% y/y vs +3.6% y/y expected
In March, import prices were depressed by the drops in energy prices but it's been revised higher. The year-over-year prices reflected a 43.8% y/y increase in petroleum prices.
Bottom line: There are some price pressures here but this set of numbers is low on the Fed's priority list. CPI on Friday will be a market mover.