Easy Al yesterday, "We ain't got no stinkin inflation!". Next day import prices are reported, and I have to ask why this guy would have any credibility at all? Attention Wal Mart shoppers. The export price increases should not be ignored either, as it shows US based operations are passing on costs as well.
Reuters
Import Prices Rise More Than Expected
Friday February 13, 8:29 am ET
WASHINGTON (Reuters) - The price of goods imported into the United States rose sharply in January, advancing by much more than expected and signaling the weaker dollar may finally be making itself felt, a government report showed on Friday.
U.S. import prices rose 1.3 percent last month, the biggest increase since February 2003, after a revised 0.5 percent advance in December, the Labor Department said. Wall Street had forecast a milder 0.4 percent gain.
It was the fourth consecutive monthly rise in the price of imports.
Excluding petrol, import prices advanced 0.7 percent, the largest climb since March 2003, while petroleum imports gained 6.2 percent. Industrial supplies and materials were up 4.4 percent -- the biggest rise since February 2002.
The department said export prices increased 0.5 percent after climbing 0.2 percent in December, with foods, feeds and beverage prices down 0.9 percent for the first decrease in five months. But industrial supplies and materials rose by 2.4 percent, the largest monthly increase since 1995.
The import price data contrasts with comments of Federal Reserve Chairman Alan Greenspan on Wednesday. He noted that while the weaker dollar had led to a slight increase in import prices, the impact remained mild and was no concern at this stage.
The dollar has slipped 13 percent against a broad basket of currencies since early 2002. |
