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With a decline of 1.9% relative to this time last year, import prices have now been flat or lower on a year over year (y/y) basis for 13 consecutive months. This represents the third longest streak of consecutive months without a y/y increase since 1983.

As shown in the chart, the longest streak of months without a y/y increase was from 1997 through 1999, when import prices were flat or down for 28 straight months. Even during the Financial Crisis, the longest period without a month of y/y import price increases was 12 months. The fact that import prices continue to decline should provide some comfort to those worried that the Fed's policies are going to cause inflation.

(click to enlarge)

Source: Import Prices Drop Again