US Import Prices fell 10.7% in April (missing expectations of a 9.7% decline) making this the longest streak of YoY declines outside of a recession in history. In fact, YoY Import Prices have only risen 5 times in the last 36 months. This is also the 10th monthly decline in import prices (-0.3% vs +0.3% expectations) with with Food and Beverage prices dropping the most and non-fuel-related import costs dropping the most since 2009 and imports ex-fuel and food fell 2.2% YoY in April. The biggest price deflationary pressures appear to come from ASEAN with overall manufactured goods sliding 0.4% against non-manufactured rising 0.5% in April.
YoY Import Prices have only risen 5 times in the last 36 months...
[3]
And before you blame it all on oil prices... not so fast...
[4]
Charts: Bloomberg
