U.S. import prices increased 3.7% on a year earlier in January, the bridge month between the Obama and Trump administrations. This was largely due to a 57% rise in fuel prices. Even without this underlying prices were unchanged, suggesting the 23 month trend of deflation seen through November is over. The political rhetoric has focussed on the value of trade in total, not its components though. The price increase, combined with a 5% rise in seaborne imports according to Panjiva data, suggests there is plenty of room for further growth in the value of imports in January.