Following May’s 1.4% MoM spike – the most since 2011 – June’s import prices rose just 0.2% MoM, less than half expectations. Import prices actually declined ex-petroleum. However, this is the 23rd month in a row of year-over-year import price declines with China’s exported deflation at 2010 lows.
The June spike has disappeared…
As YoY import prices have dropped for the 23rd straight month…
The breakdown shows a notable drop in imort prices ex-petroleum products…
- Import prices ex-fuels fell 0.3% after rising 0.3% in May
- Import prices ex-petroleum fell 0.3% after rising 0.4% in May
- Industrial supplies prices rose 2.1% after rising 6.2% in May
- Capital goods prices fell 0.3% after no change in May
- Auto prices unchanged after rising 0.4% in May
- Consumer goods prices fell 0.2% after rising 0.2% in May
- Import prices fell 4.8% y/y in June
- Import prices ex-food and fuel fell 1.7% y/y in June
With China’s exported deflation flat at 2010 levels…
Charts: Bloomberg
via http://ift.tt/29wFQYf Tyler Durden