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Financial News: U.S. Import Prices Jump More Than Expected Amid

U.S. Import Prices Jump More Than Expected Amid Rebound In Fuel Prices

06/12/2020 - 09:50:00 (RTTNews)

(RTTNews) - Reflecting a substantial rebound in fuel prices, the Labor Department released a report on Friday showing a bigger than expected jump in U.S. import prices in the month of May.

The Labor Department said import prices surged up by 1.0 percent in May after plunging by 2.6 percent in April. Economists had expected import prices to increase by 0.6 percent.

The rebound in import prices came as fuel prices spiked by 20.5 percent in May following the 31.0 percent nosedive in the previous month.

Excluding the jump in fuel prices, import prices inched up by just 0.1 percent in May after falling by 0.5 percent in April.

The uptick in non-fuel import prices came as rising prices for foods, feeds, and beverages and consumer goods more than offset a drop in prices for non-fuel industrial supplies and materials and automotive vehicles.

The report also showed a rebound in export prices, which climbed by 0.5 percent in May after tumbling by 3.3 percent in April. Export prices were expected to rise by 0.6 percent.

The increase in export prices came as prices for non-agricultural exports rose by 0.6 percent, more than offsetting a 0.5 percent drop in prices for agricultural exports.

Rising prices for non-agricultural industrial supplies and materials contributed to rebound in prices for non-agricultural exports, more than offsetting declines in prices for capital goods, consumer goods, automotive vehicles, and nonagricultural foods.

Meanwhile, the continued decrease in prices for agricultural exports came as lower prices for corn, dairy products, and soybeans more than offset higher prices for meat, vegetables, and cotton.

Despite the monthly increases, import and exports in May were both down by 6.0 percent compared to the same month a year ago.

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