Import prices up again in May 2006

The U.S. Import Price Index advanced 1.6 percent in May 2006. This followed a 2.1-percent increase in April, and marked the largest 2-month jump for the index since October 1990.

[Chart data—TXT]

A 5.2-percent rise in petroleum prices and a 0.6-percent advance in nonpetroleum prices both contributed to the overall increase in May.

The advance in petroleum prices was the third consecutive monthly increase for the index, but was less than half the 11.5-percent jump recorded in April. Petroleum prices rose 45.7 percent for the year ended in May.

The 0.6-percent increase in nonpetroleum prices last month was the largest monthly change since October and followed a comparatively modest 0.1-percent advance in April. Over the past 12 months nonpetroleum import prices rose 1.5 percent while overall import prices rose 8.3 percent.

Export prices increased for the sixth consecutive month, rising 0.7 percent in May following a 0.6-percent advance in April. Higher nonagricultural prices and a turnaround in agricultural prices both contributed to the May increase.

These data are from the BLS International Price program. Import and export price data are subject to revision. Learn more in "U.S. Import and Export Price Indexes - May 2006" (PDF) (TXT), news release USDL 06-994.