US: Headline import prices in November were down 0.3% - Nomura

The US headline import prices in November were down 0.3% m-o-m, largely in line with expectations (Consensus: -0.4%) notes analysts at Nomura.

Key Quotes

“Petroleum import prices were likely a drag, down 4.7% after a strong 7.3% jump in October. Excluding food and fuels, import prices fell 0.1% for the third consecutive month, suggesting weak import prices of core goods. The increase in import prices of industrial supplies in October proved to be temporary as it declined by 1.6% in November. Consumer goods import prices, a relevant component for consumer goods prices in the CPI, fell 0.1%, following a modest increase of 0.1% in October. This could hold down consumer core goods price further in the CPI/PCE in the near term.”