May Import Prices Up

Washington, DC, June 9, 2006–The price of goods imported into the U.S. rose 1.6% in May as the price of imported petroleum climbed for a third month, the Labor Department said Friday.

Imported-petroleum prices rose 5.2% in the month, contributing to a 46% gain in prices in the past 12 months. The May number follows an unrevised 11.5% gain in imported-petroleum prices in April.

Excluding the rise in petroleum prices, import prices rose 0.6%, the biggest increase since October 2005.

Excluding all fuels, import prices rose 0.7%. It was the largest increase since the department began the import-price index in January 2002.

Prices of imported industrial supplies and materials rose 3.9% in May.

Economists expected import prices to rise 0.8% in May after climbing 2.1% in April. The April number was unrevised.

In the past 12 months, prices for all imports are up 8.3%. It’s the largest year-over-year increase since January. A month ago, the year-over-year gain was 5.8%.