US import prices stage unexpected May drop

14th Jun 2024 13:40

(Sharecast News) - The cost of goods purchased overseas by the US declined unexpectedly in May.

According to the Department of Labor, the country's Import Price index fell at a month-on-month pace of 0.4% (consensus: +0.1%).

Fuel import prices registered a 2.0% drop versus April while those for other goods slipped by 0.3%.

In year-on-year terms, import prices were ahead by 1.1%.

Export prices meanwhile fell by 0.6% on the back of a 0.8% decline in those of non-agricultural goods.

Agricultural exports on the other hand experienced a gain of 0.5%.

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