By Ovunc Kutlu
ISTANBUL (AA) - US import and export prices both decreased in May, according to data released Thursday by the Labor Department's Bureau of Labor Statistics.
Prices for US imports monthly declined by 0.6% last month, coming in line with the market expectation.
The figure for April was revised to an increase of 0.3%, down from a gain of 0.4%.
"Import fuel prices fell 6.4 percent in May following a 4.1-percent increase in April," the Bureau of Labor Statistics said in a statement. "Lower petroleum and natural gas prices contributed to the May decline which was the largest 1-month drop since August 2022."
On a monthly basis, export prices declined 1.9% in May, recording the largest monthly drop since December 2022, according to the Bureau of Labor Statistics.
The market expectation for the figure was to remain unchanged on a monthly basis.
The April figure was revised to a decrease of 0.1%, down from an increase of 0.2%.
"Agricultural export prices decreased 2.1 percent in May, after advancing 0.4 percent in April," the statement said.
On an annual basis, US import prices declined 5.9% year-on-year, marking the largest 12-month drop since May 2020.
Annually, prices for US exports plummeted 10.1% in May -- the largest 12-month decline since the annual series was first published in September 1984.