Keeping you up to date on the latest data releases.
Import prices decreased −0.6 percent in May, marking three months of consecutive declines. Both petroleum and nonpetroleum prices fell, with the former dropping −2.0 percent and the latter decreasing −0.3 percent. Petroleum prices have now declined for the past two months and nonpetroleum prices have fallen for the past three. On a year-over-year basis, import prices fell −1.9 percent, marking a full year of flat or falling yearly prices. Petroleum prices were down −6.2 percent compared to last year and nonpetroleum prices fell −0.5 percent. May’s report continued to display the same weakness seen in March and April. Import prices will likely remain weak due to the global economic slowdown.
Export prices fell −0.5 percent in May marking three months of consecutive declines as well. On a year-over-year basis, export prices fell −0.9 percent after falling at the same pace in April.