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US: Import and Export Prices
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Import Prices - M/M | 1.3% | 0.8% to 1.5% | 1.9% | 1.9% | 2.0% |
| Import Prices - Y/Y | 6.0% | 5.7% to 6.2% | 6.7% | 4.2% | |
| Export Prices - M/M | 1.6% | 0.3% to 2.1% | 1.3% | 3.3% | 3.5% |
| Export Prices - Y/Y | 11.2% | 8.8% | 9.1% |
Highlights
Import price inflation came in higher than expected in May, with a rate of 1.9 percent, following an upwardly revised 2.0 percent in April. On a 12-month basis, import prices were up 6.7 percent, the highest rate since August 2022. This marked a sharp acceleration from 4.2 percent in April and beat even the highest estimate of 6.2 percent in an Econoday survey.
The report comes on the back of a 4.2 percent consumer price index 12-month increase in May, putting pressure on the Federal Reserve at a time the job market is showing resilience.
Fuel import prices rose 12.5 percent in May after 18.6 percent in April, driven by higher prices for petroleum and natural gas. Fuel import prices increased 45.1 percent from May 2025, the largest gain since August 2022.
Non-fuel prices were up 0.8 percent on the month after 0.6 percent in April, and increased 3.7 percent year-over-year.
Export prices were up 1.3 percent in May after 3.5 percent in April, for a 12-month gain of 11.2 percent, up from 9.1 percent in April.
Agricultural export prices increased 1.2 percent in May after 1.7 percent in April, and were up 5.5 percent from a year earlier. Non-agricultural prices rose 1.2 percent on the month and 11.8 percent year-over-year.
Market Consensus Before Announcement
Higher energy costs seen lifting import prices by 1.3 percent and export prices by 1.6 percent on the month in May.
Definition
Import price indexes are compiled for the prices of goods that are bought in the United States but produced abroad and export price indexes are compiled for the prices of goods sold abroad but produced domestically. These prices, which exclude tariffs and taxes, measure underlying inflationary trends in internationally traded products.
Description
Changes in import and export prices are a valuable gauge of inflation here and abroad. Furthermore, the data can directly impact the financial markets such as bonds and the dollar. The bond market is especially sensitive to the risk of importing inflation because it erodes the value of the principal (the original investment) which is paid back when the bond matures. It also decreases the value of the steady stream of interest rate payments on this type of security. Inflation leads to higher interest rates and that's bad news for stocks, as well. By monitoring inflation gauges such as import prices, investors can keep an eye on this menace to their portfolios.
