Import prices rose a sharp 0.9 percent, according to the latest data relased by the Census Bureau & Bureau of Economic Analysis. The overall year-on-year rate remained the same at plus 3.6 percent.
Rates on the export side were also up. Export prices rose 0.8 following similar increases in the two prior months. Prices for agricultural exports have risen an average of 3.0 percent in each of the last three months! On-year export prices are up 5.8 percent with agricultural exports up 15.7 percent.
No need to panic though. Reports are out that Krugman is working on a chart that will explain the deflationary aspects of the climb in ag prices---it will be a special Krugman pull out column in NYT that you will be able to take to your grocer.
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