Just caught the latest import price data from the Labor Department and it's worth paying attention to. Import prices bumped up 0.2% in January, which is actually a bit more than what analysts were calling for. The interesting part is that non-fuel imports jumped 0.5% while fuel prices took a hit, dropping 2.2%. So the strength came from industrial supplies, capital goods, and consumer goods getting more expensive. On the flip side, export prices climbed 0.6% in January, also beating expectations of 0.2%. Agricultural exports were flat but non-agricultural exports kept climbing. Here's what caught my eye though - economists are flagging that import price risks are tilted higher going into the rest of 2026. They're pointing to stronger global oil, solid demand for capital goods, and the dollar's weakness as headwinds. But the consensus is still expecting core inflation to ease as the year goes on, which could mean rate cuts from the Fed later this spring. The year-over-year import price growth actually edged down slightly, so it's mixed signals overall. Worth monitoring how this plays out for inflation expectations.