Prices for U.S. imports increased 0.6 percent for the second consecutive month in May, the U.S. Bureau of Labor Statistics reported today. Rising fuel and nonfuel prices contributed to the advances in both months. U.S. export prices rose 0.6 percent for the second consecutive month in May.
Import prices increased 0.6 percent in May, continuing the upward trend that began in August 2017. The May advance followed a 0.6-percent rise the previous month. The price index for overall imports increased 4.3 percent for the year ended in May, the largest 12-month advance since the index rose 4.7 percent in February 2017. The May over-the-year advance was largely driven by higher fuel prices although nonfuel prices also increased over the past year.
Prices for U.S. exports rose 0.6 percent for the second consecutive month in May, led by higher prices for both agricultural and nonagricultural exports. Export prices have not recorded a monthly decline since the index edged down 0.1 percent in June 2017. The price index for overall exports advanced 4.9 percent between May 2017 and May 2018, the largest 12-month increase since the index rose 6.3 percent in October 2011.
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