American trade price inflation accelerated again in January, with import prices rising 3.6% on a year earlier and exports by 3.4%. Notably import prices ex food and fuel climbed 1.9%, the fastest since March 2012. With the U.S. remaining a net energy importer though the headline rate is likely to drive a rise in the trade deficit. Port data supports the same conclusion – indeed the 8% rise in inbound seaborne shipments added to the 3.6% rise in prices is the strong signal of rising imports since April 2017. With outbound shipments from both California and Virginia ports (the first to rep...