The global export of deflation continues as import prices to the US dropped 0.5% MoM in October (notably more than expected) and recent history was revised markedly lower with the 7th miss in 2015. Year-over-year, prices also fell more than expected - down 10.5% vs -9.4% exp. - the biggest miss since April and hovering near the weakest in the cycle. This is the 15th month in a row of year-over-year declines in import prices.
Yet another miss:
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15th month in a row of YoY declines...
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But most critically, Ex-petroleum, this is the biggest drop in import prices since 2009...
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As the world exports its deflation to America's shores.
Charts: Bloomberg
