Import prices rose 0.5% and export prices 0.2% in October from September according to a BLS report this morning on U.S. Import and Export Price Indexes.

Don’t expect that to last because it was all fuel-based.

import-export-prices-2016-11-15

Import and export prices have been falling for two years. The recent 0.5% surge in import prices is due entirely to a whopping 7.2% jump in fuel prices from September.

Crude Not Signaling Inflation

crude-2016-11-11

Crude did jump by $2.00 today to $45.51 but even a rise to $50 would just keep things where they were relative to October.

I think we are in a bit of an inflation scare caused by Trump. For further discussion please see..

Mike “Mish” Shedlock