• Import prices fell 0.2% last month after slipping 0.1% in December. The drop in import prices, which exclude tariffs, was in line with economists’ expectations.
• In the 12 months through January, import prices increased 0.8%. That was the smallest year-on-year gain since December 2020 and followed a 3.0% rise in December.
• Imported fuel prices dropped 4.9% after declining 4.4% in December. Petroleum prices fell 4.5%, while natural gas tumbled 11.2%. The cost of imported food surged 1.3%.
• Excluding fuel and food, import prices gained 0.2%. These so-called core import prices rose 0.4% in December. Core import prices have now increased for two straight months, likely reflecting the dollar’s recent weakness against the currencies of the United States’ main trade partners.