US DATA: Feb import prices +1.4%, ex oil +0.6%. The overall index
is +7.0% over the last 5 mos and up at least 1% in each of those mos, so
the trend to higher import prices continues. But this reflects energy,
and ex oil is a far more modest +0.3%/+3.6% YOY (still the fastest pace
since Oct’08, a reflection of US$ moves and US growth). This will add to
price pressures. Food (+0.8%) and industrial supplies (ex fuels +2.1%)
were the big gainers. Export prices +1.2%, ex-ag +0.9% completes the
picture of rising trade prices. Interestingly, Feb import price
pressures were most severe from Canada (+2.3%), LatAm (+1.4%) and Mexico
(+1.1%) rather than from China (+0.4%) or Japan (+0.5%).