US import prices rise to the highest level since 2012

The US Department of Labor said today that US import prices rose 1.4% in January versus 1.0% in December, the largest increase since March 2012, and primary import prices excluding fuel and food rose 0.8% in January versus 0.4% in December.

On an annual basis, US import prices rose 0.9% in the twelve months to January compared to the same period last year, after declining 0.3% in December, the largest annual gain since October 2018. The data also showed that US export prices rose by 2.5% in January versus 1.3% in December, the largest rise since December 1988, and year on year, export prices rose by 2.3%, the largest gain since October 2018.