US import prices slump by 0.6% in May reversing 0.3% rise in April
Export prices dropped by 1.9 percent in May, following a revised 0.1 percent decrease in April
By Bureau of Labor Statistics
Published - Jun 15, 2023, 12:29 PM ET
Last Updated - Jul 18, 2023, 03:09 PM EDT
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.
