U.S. import and export prices rose 0.6% in May
U.S. import and export prices rose 0.6% in May. The 0.3% increase in April import prices was revised to 0.6% while the 0.6% export price gain was not revised. On A 12-month basis, import prices are 4.3% y/y versus 3.6% y/y (revised from 3.3% y/y), with export prices accelerating to 4.9% y/y versus 3.7% y/y (revised from 3.8% y/y). For import prices, petroleum increased 5.9% versus the 4.4% bounce in April (revised from 1.6%). Excluding petroleum, import prices edged up 0.1%, the same as in April. Industrial supplies prices jumped 2.5% after the prior 2.1% gain (revised from 1.0%). Import prices with China were 0.1% higher from -0.1% previously. Import prices with Canada increased 1.9% from 1.5% previously (revised from 0.6%). For export prices, agricultural goods rebounded 1.6% from April's 1.2% drop. Excluding ag, export prices were 0.5% higher from -0.7%.