US import prices rise more than expected in May

The US Labor Department said today that US import prices rose 1.1% in May versus 0.8% in April, and core import prices, excluding fuel and food, rose 1.0% in May versus 0.7% in April. On an annual basis, US import prices rose by 11.3% in May, the largest increase since September 2011.

During the month of May, imported fuel prices increased by 4.0%, oil prices rose by 3.8%, while the cost of imported foodstuffs decreased by 0.4%. The data showed that US export prices rose by 2.2% in May after rising by 1.1% in April, and on an annual basis export prices rose by 17.4% in May, the largest increase since the beginning of records in September 1983.