While the world worries about inflation, US import prices (ex petroleum) printed a shocking 0.2% decline MoM in December (a big drop from recent monthly gains and big miss to expectations).

This is the biggest monthly decline since June 2016…

Year over year, import price gains rolled over…

Headline import prices also missed expectations, rising just 0.1% MoM in December (the weakest gain since July).

China’s deflation export was stable…