Keeping you up to date on the latest data releases.
U.S. import prices fell 1.0 percent in May after remaining unchanged in April (down 0.5 percent before revisions). Both lower petroleum and nonpetroleum prices contributed to the decline meaning that weaker foreign prices have the potential to weigh on the domestic price level in the coming months should the downward movements persist. Petroleum prices fell 4.2 percent marking the largest monthly decline in two years while nonpetroleum prices edged down 0.1 percent. On a year-over-year basis, import prices fell 0.3 percent, the first yearly decline since October 2009. Petroleum prices (down 2.0 percent) also turned negative for the first time since the second quarter of 2009. Despite nonpetroleum prices remaining in positive territory, May’s 0.3 percent yearly advance is the smallest gain since the fourth quarter of 2009.
Export prices fell 0.5 percent in May after rising 0.4 percent in April. Although agricultural prices rose 0.7 percent, nonagricultural prices fell by 0.5 percent contributing to the decline in the overall export index. On a year-over-year basis, export prices ticked down 0.1 percent, also decreasing for the first time since October 2009.