12 Month Gain In Imported Food Costs Biggest On Record

Posted by ZeroHedge

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And once again inflation refuses to accept it is transitory. April Import Price Index was reported up 2.2%, following a revised 2.6% increase in March (previously +2.7%). Notably, the core of the action was in petroleum and food prices.From the release: “Foods, feeds, and beverages prices advanced 1.8 percent in April after a 4.2 percent rise in March.

The April increase was driven by a 22.8 percent jump in coffee prices….The price index for nonfuel industrial supplies and materials rose 1.7 percent in April following a 2.0 percent rise the previous month. Both increases were led by higher  chemical and unfinished metals prices, which increased 2.4 percent and 1.7 percent, respectively, in April.  The rise in chemical prices was driven by a 6.6 percent advance in plastics prices, and the largest contributors  to the rise in unfinished metals prices were prices for gold and other precious metals.” In a nutshell, the 12-month advance in April was the largest year-over-year increase since an 11.2 percent gain between April 2009 and April 2010.

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