May 2017 U.S. Import and Export Price Indexes — 2017-06-15

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. 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.