US import prices year on year
  • Import prices prior rose 0.7% month on month, and was 11.7% year on year
  • export prices prior +1.0% revised to +0.8%
  • import prices -0.2%. This was the first monthly decline since the index felt -0.2% in August 2021
  • import prices year on year rose 10.4%. This was the largest calendar year rises since import prices increased 10.6% in 2007.
  • export prices -1.8%. The decline was the largest one month drop since the index fell -3.5% in April 2020
  • export prices rose at 14.7% from the December 2020. This was the largest calendar year increase since the series was first published in 1984
  • fuel import prices fell 6.5% in December which was the first decline since August 2021. Nevertheless import fuel prices rose at 62.7% in 2021 which was the largest advanced since the index increased 114.7% in 1999
  • all imports excluding fuel increased 0.5%. YoY the imports excluding fuel increased 6.4% which was the largest calendar year increase since the series started in 2002.
  • Prices of imports from China advanced at 0.6% in December after a 0.3% rise in November. This was the largest one month event since July 2021. Import prices from China were up 4.7% year on year which was the largest calendar advance since the series was first published in 2004.
  • Japan import prices was unchanged in December and were up 1.9% year on year. This was the largest increase since 2011
  • Canada import prices decreased 2.4% in December after rising 2.1% in November..

There is some cooling within the data this month, but the year on year increase is have certainly helped contribute to overall inflation in the US. Needless to say fuel prices have been a major inflationary force as well. The 62.7% increase is shocking

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The US stock indices are trading lower in premarket trading. The futures are implying:

  • Dow industrial average -231 points
  • NASDAQ index -131 points and working on its third week in a row down and the worst month since March 2020
  • S&P index -32 points.