The latest BLS release for U.S. Import and Export prices shows a rebound from the deflationary pressures we've seen since the turmoil began in early Fall:
Import prices fell 1.1 percent in January and 23.4 percent over the past six months. For the sixth consecutive month, petroleum prices and nonpetroleum prices decreased, falling 2.4 percent and 0.8 percent, respectively, in January. However, prices for both overall imports and petroleum decreased at a smaller rate in January than in each of the previous five months since prices last rose in July.
Export prices rose 0.5 percent in January after declining in each of the previous five months. The increase was driven by a 6.2 percent rise in agricultural prices as nonagricultural prices were unchanged. The rise in agricultural prices followed decreases in four of the previous five months. Higher prices for corn, soybeans, and wheat accounted for the increase in January. Despite the January increase, agricultural prices fell 9.7 percent over the past 12 months. Nonagricultural prices recorded no change in January after falling in each of the previous five months.