US: Import prices fall 0.3% in May, led by lower fuel prices; export prices decline 0.7%

After increasing 0.2 percent in April, U.S. import prices declined 0.3 percent in May, the largest monthly drop since the index fell 0.5 percent in February 2016, the U.S. Bureau of Labor Statistics reported on Thursday. 

Key highlights:

• Lower fuel prices drove the decrease in May and nonfuel prices recorded no change.
• The price index for U.S. exports declined 0.7 percent in May following a 0.2-percent advance in April.
• The nonfuel import price index recorded no change in May following a 0.8 percent advance over the previous 3 months
• Nonagricultural export prices decreased 0.6 percent in May, led by falling prices for nonagricultural industrial supplies and materials which more than offset higher prices for both capital goods and consumer goods