U.S. import prices rose 0.3% M/M, falling behind the +0.4% consensus and +0.2% in December (revised from +0.1%), according to Bureau of Labor Statistics data released on Friday.

The cost of imports has been pretty tame for the past few years, but they could play a bigger role in U.S. inflation if President Trump follows through with his threat of stiff tariffs on a broad array of foreign goods.