U.S. import prices unexpectedly increased in December after five straight monthly decreases, boosted by higher costs for natural gas and food, suggesting that the fight against inflation would be protracted even as consumer prices are trending lower.
Import prices rebounded 0.4% last month after declining 0.7% in November, the Labor Department said on Friday. Economists polled by Reuters had forecast import prices, which exclude tariffs, falling 0.9%. In the 12 months through December, import prices increased 3.5% after rising 2.7% in November.
Subsiding inflation is seen allowing the U.S. central bank to further scale back the size of its rate hikes next month. December's increase in core import prices was despite the dollar strengthening against the currencies of the United States' main trade partners. The dollar gained 5.6% on a trade-weighted basis last year. But the greenback has struggled early in the new year, which could keep core import prices up.
The cost of imported goods from China dipped 0.1%, pulled down by lower chemical prices. There were also decreases in the prices of imports from Canada and Mexico. But prices of Japanese imports edged up 0.1%.
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