U.S. trade price inflation accelerated in April after export prices rose 3.8% on a year earlier, the fastest rate since November 2011. That was also ahead of the 3.3% rise in imports, which should lead to a contraction of the trade deficit. With seaborne imports having increased by just 0.3% the combined “signal” for import growth was the second lowest since September 2016 (the lowest being the prior month). That may bring the 13 month streak of rising trade deficits to an end.