Keeping you up to date on the latest data releases.
In May, U.S. import prices rose a modest 0.2 percent, down from April’s revised 2.1 percent gain. May marks the first month since October 2010 that import prices failed to increase by more than 1 percent. On a year-over-year basis, import prices continued to advance 12.5, marking the highest increase since September 2008. Non-oil import prices rose 0.4 percent, down slightly from April’s 0.6 percent advance. On a year-over-year basis, non-oil prices increased 4.4 percent. The slowing of overall import prices can be attributed to offsetting factors of rising non-oil prices (up 0.4 percent) and declining fuel prices (down 0.2 percent). Although fuel import prices declined on a monthly basis, they were up 42.3 percent year-over-year which contributed to the double digit gains in year-over-year import prices. Rising prices in industrial supplies and materials as well as finished goods offset falling food, feed, and beverage prices, contributing to the slight gains in non-oil import prices for May.
U.S. export prices rose 0.2 percent in May, down from April?s revised 0.9 percent advance. On a year-over-year basis, export prices rose 9 percent, down from April’s 9.6 percent gain. Rising nonagricultural export prices (up 0.5 percent), were offset by falling agricultural export prices (down 2.0 percent) to contribute to May’s moderate gains in overall export prices.