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Gohweenjoe
2021-06-16

U.S. import prices accelerate in May; export prices surge

WASHINGTON (Reuters) - U.S. import prices increased more than expected in May as the cost of petrole

U.S. import prices accelerate in May; export prices surge

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The seventh straight monthly gain lifted the year-on-year increase to 11.3%, the largest rise since September 2011. Import prices surged 10.8% on a year-on-year basis in April.</p>\n<p>Economists polled by Reuters had forecast import prices, which exclude tariffs, rising 0.8%. Part of the acceleration in the year-on-year prices reflected the dropping of last spring's weak readings from the calculation.</p>\n<p>Data this month showed strong increases in producer and consumer prices in May. Vaccinations against COVID-19, trillions of dollars from the government and record-low interest rates are whipping up demand, leaving companies scrambling for raw materials and labor. But the higher inflation is largely viewed as transitory, with supply chains expected to adjust.</p>\n<p>Imported fuel prices jumped 4.0% last month after rising 1.6% in April. Petroleum prices increased 3.8%, while the cost of imported food fell 0.4%. Excluding fuel and food, import prices rose 1.0%. 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