U.S. trade price inflation continued for a 16th straight month in February, with import inflation of 3.5% outstripping exports’ 3.3%. While that was helped by fuel price growth, underlying (non-fuel or food) import inflation of 1.9% was the fastest rate of expansion since March 2012. Seaborne imports meanwhile grew 14% on a year earlier, bringing the combined signal (inflation plus imports) to its highest since February 2013. When combined with weak export figures (Californian ports’ exports rose just 4%, and Virginia’s fell 4%) it seems likely there was another rise in the trade defi...