Economic Buzz: US Import Prices Surged By 0.6% In May

16 Jun 2022 , 09:13 AM

U.S. import prices increased by 0.6 percent in May after rising by a revised 0.4 percent in April, as per a report released by the Labor Department. The increase in import prices came as prices for fuel imports soared by 7.5 percent in May following a 0.5 percent advance in April. Meanwhile, the report showed export prices surged by 2.8 percent in May following a 0.8 percent increase in April. Compared to the same month a year ago, import prices were up by 11.7 percent. Export prices were up by 18.9 percent year-over-year.Powered by Commodity Insights