US import, export prices fall in May for 1st time in 5 months

By Ovunc Kutlu

ISTANBUL (AA) - US import and export prices declined in May for the first time in five months, according to data released Friday by the Labor Department's Bureau of Labor Statistics.

Prices for US imports decreased 0.4% last month, falling for the first time in five months, and came lower than market estimates of no change. Prices for imports last declined on a monthly basis in December, according to the agency.

The figure showed a monthly increase of 0.9% in April, which was the largest gain since March 2022.

"Prices for import fuel fell 2.0 percent in May, after increasing 4.1 percent in April," the agency said in a statement. "Lower prices in May for petroleum and natural gas each contributed to the drop in fuel prices."

On an annual basis, import prices in May increased 1.1% from the same month last year, posting the largest year-on-year gain since December 2022.

Export prices, meanwhile, decreased 0.6% in May, compared to the previous month, also coming lower than market expectations of no change. The decline in May was the first monthly decrease since December.

The April figure was revised down to a 0.6% increase from a gain of 0.5%.

"The price index for nonagricultural exports decreased 0.8 percent in May," said the statement. "Prices for nonagricultural industrial supplies and materials fell 2.0 percent in May."

"The May drop was driven by a 5.1-percent decrease in export fuel prices," it added.

Annually, however, prices for US exports were up 0.6% in May, compared to the same month of last year, marking the first 12-month advance since January 2023.