Import and export prices fall in May
ABJ - June 21 - American import prices decreased one per cent in May after no change the previous month, according to the U.S. Bureau of Labor Statistics.
Lower fuel and non-fuel prices each contributed to the May decrease in overall import prices. American export prices also declined in May, falling 0.4 per cent after a similar increase in the previous month.
The price index for overall imports fell one per cent in May, the largest one month drop since the index declined 1.2 per cent in June 2010. Prices for U.S. imports also decreased over the past 12 months, falling 0.3 per cent, the first year-over-year decline for the index since import prices fell 5.6 per cent between October 2008 and October 2009.
Export prices fell 0.4 per cent in May after increasing two per cent over the first four months of 2012. The May decline was driven by lower prices for non-agricultural exports, which more than offset increasing agricultural prices. Overall export prices edged down 0.1 per cent between May 2011 and May of this year, the first 12-month drop in the index since a 3.6 per cent decrease for the year ended October 2009. The 12-month decline was led by lower agricultural prices.