The year-over-year decrease was unchanged from a revised figure in March and reflected the largest over-the-year drops since May 2020. "Given our expectation for the Fed to hold rates high until year-end, the import price deflationary cycle will intensify in the months ahead," said Matthew Martin, U.S. Compared to the same month a year ago, export prices were down by 5.9 percent in April, reflecting the largest year-over-year drop since May 2020.