MAY IMPORT PRICES UP 2.3%, EX-PETROLEUM UP 0.5%
May import prices rose 2.3% following a 2.4% increase in April and about in line with analysts’ expectations. The April index was revised up to a 2.4% increase from its previously reported 1.8% increase. Removing the 7.8% increase in petroleum products from the calculations leaves the nonpetroleum imports index up 0.5%, its smallest increase this year. The April measure of non-petroleum import prices was revised up to 1.3%.
Export prices rose 0.3%, its smallest increase since September. With agricultural product prices removed from the calculations, the export prices rose 0.4%. The price of exported agricultural products fell for the 2nd month in a row.
Import prices for non-fuel industrial products rose 1.4%, largely driven by price increases for metals. Capital goods rose 0.3% and imported motor vehicle prices were unchanged for the month. Prices of imported consumer goods — the ones most likely to impact increases in the CPI — showed a modest 0.2% increase after a 0.7% increase last month.