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US import prices declined 0.6 percent in May, following a 0.3 percent increase in April, says the U.S. Bureau of Labor Statistics.
This decrease was driven by lower fuel and nonfuel prices.
Additionally, prices for US exports fell by 1.9 percent in May, after a revised 0.1 percent drop in April. These trends reflect the high inflation rate and the unchanged interest rate in the US economy, which affect economic activity and outlook.
The price index for US 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.
The following chart shows the monthly and annual changes in import prices:
Prices for fuel imports 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.
The price index for US exports fell by 1.9 percent in May, after a revised 0.1 percent drop in April. This was the largest monthly decline since December 2022.
The following chart shows the monthly and annual changes in export prices:
The decline in import and export prices reflects the high inflation rate and the unchanged interest rate in the US economy. According to the U.S. Bureau of Labor Statistics, US inflation rose by 5 percent over the year ending in May.