May 2023 U.S. Import and Export Price Indexes — 2023-06-15

U.S. import prices decreased 0.6 percent in May, after increasing 0.3 percent the previous month, the U.S. Bureau of Labor Statistics reported today. Lower fuel and nonfuel prices each contributed to the May decline. Prices for U.S. exports fell 1.9 percent in May following a revised 0.1-percent drop in April. The price index for U.S. imports declined 0.6 percent in May, resuming the trend of monthly decreases in 2023 following a 0.3-percent increase in April. U.S. import prices fell 5.9 percent for the year ended in May, the largest 12-month drop since the index declined 6.3 percent from May 2019 to May 2020. (See table 1.) Fuel Imports: Import fuel prices fell 6.4 percent in May following a 4.1-percent increase in April. Lower petroleum and natural gas prices contributed to the May decline which was the largest 1-month drop since August 2022.