Is imported deflation at an end?

The rise in UK import prices in the last three years is a one-off and does not mean that imported deflation has come to an end. The UK is likely to benefit from the lower level of costs in countries such as China for many years to come. And in the near-term, a moderation in fuel and commodity prices and a general easing in price pressures in the US and the euro-zone suggest that UK import prices could soon start to fall again.