US import prices fell for the seventh consecutive month in January, as the cost of energy products fell, leading to the smallest annual increase in import price inflation in two years.
Import prices in the world’s largest economy fell in January by 0.2 percent, after declining by 0.1 percent in December.
Lower import prices in the US, excluding tariffs, are in line with economists’ expectations.
In the twelve months through January, US import prices rose 0.8 percent, which was the smallest year-on-year rise since December 2020, and followed a 3 percent rise in December last year.
Excluding fuel and food, import prices rose by 0.2 percent in America, and core import prices increased by 0.4 percent in December.
Core import prices have risen for two consecutive months, likely reflecting the recent weakness of the US dollar against the currencies of major US trading partners.
Export prices rose 2.3 percent year on year, the smallest increase since December 2020, after an increase of 4.3 percent in December.