May Import/Export Prices Preview
May Import Prices are forecast to increase 3% following a 1.8% rise in April. Export prices are seen 0.7% higher after the prior month’s 0.3% gain.
For import prices, the surge in Crude oil prices is seen as the key factor. Excluding petroleum, import prices are expected to rise 0.6%, slower than April’s 1.1% increase but still held up by high prices of other commodities and the lagged impact of a weaker dollar.
Exports ex-agriculture are not forecast to differ much from the headline figure, after the sharp rise in agriculture prices in the first quarter tailed off in April. Ex-ag exports are seen 0.6% higher, the same gain as in the prior month.