Import and export prices unexpectedly fall in December

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• December Import/Export Prices: Import prices -0.2% M/M vs. +0.3% consensus and +0.7% prior.
• Lower fuel prices more than offset prices for nonfuel imports.
• On a Y/Y basis, U.S. import prices rose 10.4%, the largest calendar-year increase since 10.6% in 2007.
• Export prices: -1.8% M/M vs. +0.4% consensus and +1.0% prior.
• The export price drop is the largest since the index fell 3.5% in April 2020. On a Y/Y basis, U.S. export prices increased 14.7%, the largest-calendar year increase since the series started in 1984.
• Also see: Producer prices surge almost 10% Y/Y in December