US import prices rise 0.6% in May, lower than estimate

By Ovunc Kutlu

ANKARA (AA) – US import prices rose 0.6% in May on a monthly basis, but came lower than the market estimate, according to the Bureau of Labor Statistics data released on Wednesday.

The market expected a 1.1% gain, while import prices increased 0.4% in April.

"Higher petroleum and natural gas prices both contributed to the increase in May," the Bureau of Labor Statistics said in a statement.

"The price index for import fuel rose 73.5% over the past year, the largest 12-month advance since increasing 87% in November 2021," it noted.

Export prices in the US increased 2.8% in May, compared to the previous month.

The market was expecting the figure to gain 1.3% last month after rising 0.8% in April.

"Higher prices for both nonagricultural and agricultural exports contributed to the US export price rise in May.

"The export price index increased 18.9% from May 2021 to May 2022, the largest over- the-year rise since 12-month percent changes were first published in September 1984," the statement added.