Import and export prices. How much of tariff and dollar moves are passing into goods prices.
What to watch: Non-fuel import prices. It arrives monthly, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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What moves it
Dials it feeds
This factor is one input to a composite reading on the Analytics page.