US CPI dropped -0.8% mom in April, versus expectation of -0.7% mom. That’s the largest monthly decline since December 2008. Core CPI dropped -0.4% mom versus expectation of -0.2%. That’s also the largest monthly decline since record started in 1957.
Annually, CPI slowed to 0.3% yoy, down from 1.5% yoy, missed expectation of 0.8% yoy. The year-over-year rate was smallest since October 2015. Core CPI slowed to 1.4% yoy, down from 2.1% yoy, missed expectation of 1.7% yoy. It’s the smallest increase since April 2011.