Bankers bracing themselves for higher interest rates should be aware that there are still signs of deflation, or falling prices, suggesting that the real trend remains toward lower rates ahead.

Fresh economic data last week confirmed that import prices have resumed their long decline, falling 0.2% after a spring up tick led by higher oil prices. Meanwhile, wholesale prices also fell again, slipping 0.1% last month, and the consumer price index has been flat for the last two months.

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