Import prices up 0.6% in May

Import prices rose 0.6% in May, while export prices also gained 0.6%, the Labor Department reported on Thursday.

Economists polled by IFR Markets had forecast import prices to gain 0.5% and export priced to increase 0.4%.

On a year over year basis, import prices are up 4.3% while export prices are up by 4.9%.

Canada led imports by county of origin last month at 1.9% and at 8.1% on a year over year basis. It was followed by Latin America by 0.9% in May and 5.9% on a year over year basis.

Imports from China logged a 0.1% gain last month and saw a 0.3% gain on a year over year basis.