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According to the U.S. Bureau of Labor Statistics, U.S. import prices declined 0.6 percent in May, following a 0.3 percent increase in April. This decrease was driven by lower fuel and nonfuel prices. Additionally, prices for U.S. exports fell by 1.9 percent in May, after a revised 0.1 percent drop in April.
In terms of imports, the price index for U.S. imports decreased by 0.6 percent in May, continuing the trend of monthly declines in 2023. Import prices for the year ending in May saw a significant drop of 5.9 percent, marking the largest 12-month decline since May 2020.
Regarding fuel imports, prices fell by 6.4 percent in May, following a 4.1 percent increase in April. Lower prices of petroleum and natural gas contributed to this decline, which represented the largest one-month drop since August 2022. Import fuel prices decreased by 35.2 percent over the past year, the largest year-over-year decline since June 2020.
Prices for nonfuel imports saw a slight 0.1 percent decline in May, after remaining unchanged in the previous month. The decrease was driven by lower prices for nonfuel industrial supplies and materials, as well as foods, feeds, and beverages. However, prices for automotive vehicles and capital goods experienced an increase.
The price index for foods, feeds, and beverages dropped by 1.1 percent in May, primarily due to lower fruit prices outweighing higher vegetable prices. Nonfuel industrial supplies and materials prices fell by 0.4 percent, mainly influenced by lower prices of agricultural products and chemicals used for industrial purposes.
Import prices for major finished goods categories showed mostly positive trends in May. Automotive vehicle prices rose by 0.4 percent, driven by higher prices of automotive parts. Capital goods prices increased by 0.1 percent, attributed to higher prices of industrial and service machinery. Consumer goods prices remained unchanged in May, following a 0.1 percent increase in April.