Why Chinese Import Prices Are Rising Again

The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy · Jul 21, 2026 · 6m · transcript

Import prices posted a surprise gain in June, with costs of goods from China hitting their highest level since 2008. Lucas and Luna drill into the specific drivers behind this reversal—rising energy costs, a weaker yuan, and shifting trade flows—and what it means for the broader disinflation narrative. They discuss why the Fed's preferred PCE measures may not fully capture this pressure, how corporate margins are absorbing the shock, and whether this marks a turning point in the global disinflation wave. A focused conversation on one concrete economic number and its implications for…