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Global Deflation Exports To US Send Import Prices Tumbling Most Since Lehman

Import prices dropped 8.0% YoY (modestly beating expectations of an 8.9% plunge) and 2.8% MoM. The last time import prices started to fall at this pace was a month after Lehman Brothers BK'd. Of course the crash of oil prices is largely responsible as imported fuel costs slumped 16.9% YoY - the most since Dec 2008 (petroleum -17.7%). However, even away from that the price of imported capital goods collapsed the most since March 2009 with the biggest rise in Japanese (foreign central banks) exported deflation since April 2013 (when QE really accelerated).

 

Great news... everything is cheaper?

 

As the world's central banks export deflation on to US shores...

 

And import prices from Canada (mostly oil we presume) have collapsed...

 

Charts: Bloomberg