United States Import Prices MoM

Import prices in the US fell by 0.4% from the previous month in May of 2024, the first price decline of the year, to trim the 0.9% jump in April and go against market expectations of a 0.1% increase. Prices for fuel imports fell by 2% in the period, tracking the softness in global energy markets in the period as costs of import petroleum fell by 1.7%. In the meantime, prices for non-fuel imports fell by 0.3% amid lower costs for foods, feeds, and beverages (-1.3%), industrial supplies and materials (-0.4%), and consumer goods (-0.2%). On an annual basis, import costs rose by 1.1%, the same as in April.