May 2024 U.S. Import and Export Price Indexes — 2024-06-14

Prices for U.S. imports decreased 0.4 percent in May following a 0.9-percent advance the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel import prices contributed to the overall decline. U.S. export prices fell 0.6 percent in May, after increasing 0.6 percent in April. U.S. import prices declined 0.4 percent in May following a 0.9-percent increase in April and a 1.5-percent advance for the first quarter of 2024. The May decrease was the first monthly drop since the index fell 0.7 percent in December 2023. Prices for U.S. imports rose 1.1 percent for the year ended in May, matching the over-the-year increase in April. The May and April 12-month advances are the largest over-the-year increases since December 2022. (See table 1.) Fuel Imports: Prices for import fuel fell 2.0 percent in May, after increasing 4.1 percent in April.