adminThe numbers: The import price index were unchanged in December, the Labor Department said Wednesday.
Economists surveyed by the Wall Street Journal were expecting a 0.6% decline. Import prices had dropped two straight months prior to the December reading.
Excluding fuel, import prices were also flat last month, the government said.
Key details: Over the past year, import prices were down 1.6%.
The cost of energy imports, mainly petroleum and natural gas, fell 0.3%, the third straight decline.
There were higher prices for imports of industrial supplies and autos.
Export prices fell 0.9% in December, the third straight decline. Export prices are down 3.2% over the past 12 months.
Big picture: The higher-than-expected reading adds to the sense that inflation progress may be bumpier in coming months after considerable progress since last summer.
Market reaction: Stocks
SPX
DJIA
were set to open lower on Wednesday. The 10-year Treasury yield
BX:TMUBMUSD10Y
rose to 4,11% in early trading.
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