November import and export prices have been reported by the Bureau of Labor Statistics, and they reflect firmly implanted deflation. Monthly prices for imports declined (-6.8%), as did export prices (-3.2%). Even leaving aside Oil, monthly import prices declined (-1.8%) .
Even year over year comparisons now show deflation:
- all imports (- 4.4%)
- all exports (- 0.2%)
Imports minus Oil are only up 2.4% on a YoY basis.
It is within the realm of possibility that YoY producer prices will reflect deflation when they are reported tomorrow.