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China Exports Most Deflation To US Since 2010

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For the 18th month in a row, US Import prices fell YoY (down 6.1% vs expectations of a 6.5% drop). This is the longest deflationary streak since 1999. Under the hood we see the first first rise in prices (ex food, fuel) since May 2014. Fuel price dropped 3.9% - the 8th consecutive drop - and foreign food product prices dropped 2% - the most since Feb 2012. Perhaps most crucially, China's forced deflationary wave continues to build with the index at its lowest since 2010.

 

Longest losing streak since 1999...

 

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With China exporting deflation at the fastest pace since 2010...

 

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The Labor Department’s accompanying cheat sheet for reporters repeated the phrase “The index has not recorded a monthly increase since…” ten times. The range of sustained declines ranged from March 2014 for non-petroleum imports, to September 2015 for natural gas

 

 

 

Charts: Bloomberg

 

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