US Import, Export Prices Plummet In March As COVID Deflationary Drag Strikes
In what is perhaps not totally surprising, the deflationary winds of a global lockdown washed ashore in the US with a collapse in both US import and export prices (though both were modestly better than expected).
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Import Prices fell 2.3% MoM (better than the -3.2% exp) and year-over-year plunged 4.1% (again better than 5.0% drop expected)
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Export Prices fell 1.9% MoM (better than the -2.3% exp) and year-over-year tumbled 3.6%.
Source: Bloomberg
These are the biggest deflationary impulses since June 2016.
China’s deflationary export was not as significant as Canada and Asia Near-East…
Source: Bloomberg
More to come, we are sure.
Tyler Durden
Tue, 04/14/2020 – 08:39
via ZeroHedge News https://ift.tt/3c9BaY2 Tyler Durden