Import prices were flat month-over-month in January and were up 0.2% excluding fuel. Export prices were up 0.7%, which was also the case excluding agricultural products.
On a year-over-year basis, import prices were up 0.3%, and down 0.9% excluding fuel. Export prices were up 0.5%, and up only 0.2% excluding agricultural products.
Prices for fuel imports were down 2.2% in January, which was the largest drop since last August.
Nonfuel import prices have not increased on a 12-month basis since December 2018.
The 0.2% yr/yr increase in nonagricultural export prices was the first 12-month increase since last April.The key takeaway from the report is that there were no inflation alarm bells in it for the Federal Reserve.