US March import price index +4.2% vs +4.0% y/y expected

Import and export price data
– Prior import price index +4.6% y/y (revised to +4.8%)
– Export prices +3.6% y/y vs +3.1% exp
– Prior export prices +3.1% y/y (revised to +3.2%)
The ebb and flow of this is largely about currency and commodity prices. It takes a much bigger swing than this to get the Fed’s attention. There is some pipeline pressure there but that’s old news and the m/m decline is more important going forward.