Import/Export Prices Tumble For 4th Month In A Row

So much for the trade war-driven inflation that anti-Trump-ers have screamed about, both import and export prices in August declined more than expected, extending their annual declines to a fourth straight month.

• Import prices dropped 0.5% MoM (-2.0% YoY)

• Export prices dropped 0.6% MoM (-1.4% YoY)

The 4th month in a row of YoY deflation…

Source: Bloomberg

As China exports the most deflation since July 2007…

Source: Bloomberg

So Trump remains right (for now), the US consumer is not paying higher prices due to his tariffs.