BLS report: Import prices fall 0.3% in May, led by lower fuel prices; export prices decline 0.7%

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BLS report: Import prices fall 0.3% in May, led by lower fuel prices; export prices decline 0.7%

Economic News Release USDL-17-0818

U.S. Import and Export Price Indexes
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U.S. IMPORT AND EXPORT PRICE INDEXES - MAY 2017

U.S. import prices declined 0.3 percent in May, the U.S. Bureau of Labor Statistics reported today, after increasing 0.2 percent in April. Lower fuel prices drove the decrease in May and nonfuel prices recorded no change. The price index for U.S. exports declined 0.7 percent in May following a 0.2-percent advance in April.

Imports

All Imports: Import prices decreased 0.3 percent in May, the largest monthly drop since the index fell 0.5 percent in February 2016. The decline was driven by falling fuel prices, unlike last month when higher nonfuel prices more than offset decreasing fuel prices. The price index for U.S. imports rose 2.1 percent for the 12 months ended in May. The last over-the-year decline in import prices was a 0.2-percent decrease in October 2016.

Fuel Imports: Prices for fuel fell 3.7 percent in May following a 0.3-percent drop in April and a 3.1-percent decrease in March. The last time fuel prices fell by more than 3.7 percent was a 6.8-percent decline in February 2016. The May decrease was primarily led by a 3.9-percent drop in petroleum prices. Natural gas prices also declined, falling 2.9 percent. Despite the recent decreases, import fuel prices increased 16.9 percent between May 2016 and May 2017. The import price index for petroleum advanced 16.2 percent for the year ended in May and natural gas prices rose 44.1 percent.

All Imports Excluding Fuel: The nonfuel import price index recorded no change in May following a 0.8-percent advance over the previous 3 months. Lower prices for nonfuel industrial supplies and materials offset price increases for foods, feeds, and beverages, and automotive vehicles. Capital goods prices and prices for consumer goods recorded no change in May. Nonfuel prices advanced 0.8 percent over the past 12 months, continuing the trend of over-the-year increases since November when the index fell 0.2 percent. Rising prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; and automotive vehicles more than offset lower prices for capital goods and consumer goods over the past year.
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