Input Stories

U.S. import prices stayed the same in May, after rising 0.1% in April, with higher nonfuel prices offsetting lower fuel prices. Over the past year, import prices inched up 0.2%. Meanwhile, U.S. export prices decreased 0.9% in May, with lower nonagricultural export prices more than offsetting higher agricultural export prices. Over the past year, export prices increased 1.7%.

In May, U.S. import prices for manufacturing rose just 0.6% over the year, but there were significant divergences in prices across the industry. Petroleum and coal products manufacturing experienced the most significant U.S. import price declines in May, falling 20% over the year. On the other hand, the greatest increase in U.S. import prices in May occurred in primary metal manufacturing, which rose 11.2% over the year. Meanwhile, U.S. export prices for manufacturing in May increased 2.5% over the year.

Fuel import prices fell 4.0% over the month in May, the largest monthly decline since falling 7.2% in September 2024. Lower prices for natural gas and petroleum drove the decline. Prices for fuel imports plummeted 15.7% from May 2024, the largest over-the-year decline since September 2024. Import prices for petroleum decreased 3.7% over the month in May and 17.4% from last year. Meanwhile, natural gas prices plunged 9.0% in May but jumped 88.4% over the year.

Nonfuel import prices increased 0.3% in May, after rising 0.4% in April. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods and automotive vehicles more than offset declines in foods, feeds and beverages. The price index for nonfuel imports grew 1.7% over the past year, led by higher prices for nonfuel industrial supplies and materials; foods, feeds and beverages; capital goods; and automotive vehicles.

After improving 0.4% in April, agricultural export prices rose 0.2% in May. Over the past 12 months, agricultural export prices increased 1.8%. Meanwhile, nonagricultural export prices slid 1.0% in May. Lower prices for nonagricultural industrial supplies and materials more than offset higher prices for capital goods, consumer goods and automotive vehicles. Over the past year, nonagricultural export prices advanced 1.7% and have not declined on a 12-month basis since September 2024.