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🇺🇸 The April retail sales beat doesn't survive contact with the import price data
The day in view

🇺🇸 The April retail sales beat doesn't survive contact with the import price data

Macro Soup Newsroom Macro Soup Newsroom 3 min read

US import prices rose +1.9% MoM in April, nearly double the +1.0% forecast, while nominal retail sales came in at +0.5%. Real consumer volumes likely contracted. BLS data confirms tariff passthrough is now registering in the aggregate price indices.

Line chart titled CPI vs Import Prices comparing orange US Import Price Index and blue CPI lines from June 2020 to March 2026.
US import price index trends showing rising costs through March 2026.

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