The U.S. import price index was up 2.3% in May, according to data released by the Bureau of Labor Statistics yesterday.
IFR Markets had predicted a 2.0% increase for the imports index. The 2.3% increase in the index followed a revised 2.4% increase in import prices in April, originally reported as a 1.8% increase.
Excluding petroleum, the import price index rose 0.5% in the month after a revised 1.3% rise in April. Excluding fuels, imports were up 0.5% in the month.
Meanwhile, export prices rose 0.3% after a 0.5% increase in April.
