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U.S. import prices posted their smallest gain in five months in December and underlying imported price pressures were subdued amid falling prices for food and consumer goods.
According to the Labor Department, import prices rose 0.1 percent in the previous month after rising 0.8 percent in November. The figures marks the smallest increase since July and was significantly below economists estimates for a 0.5 percent rise.
In the 12 months through December, prices rose 3 percent, indicating a slow down from November's 3.3 percent rise. Last year, the greenback lost 7 percent of its value versus the currencies of the U.S.' main trading partners last year.
Imported capital goods prices were flat in December while the cost of food fell 0.7 percent.
The slowdown in import price growth came despite a weak dollar, which could reduce expectations that inflation will rise this year and keep the Federal Reserve on a path of gradual rate hikes.
The Labor Department also reported export prices declined 0.1 percent in December, posting its first decline since June. Year-on-year, they rose 2.6 percent after increasing 3.1 percent in November.
In a separate report, the Commerce Department reported wholesale inventories rebounded 0.8 percent in November, instead of 0.7 percent as projected in the previous month. The figures follow a 0.4 percent decline in October.
