U.S. import prices increased 1.9% for the month of May and are up 6.7% compared to a year ago – the largest year-over-year increase since August 2022, the U.S. Bureau of Labor Statistics reports.
U.S. exports increased 1.3% in May, after rising 3.5% in April, according to the BLS report released Tuesday. Compared to May 2025, export prices are up 11.2%, which is also the largest year-over-year increase since August 2022.
Imports
The BLS report showed the price index for fuel imports, which is up 45.1% from May 2025, drove much of the year-over-year increase. Nonfuel import prices were up 3.7% compared to a year ago.
On a monthly basis, import prices for fuels and lubricants increased 12.5% in May following a rise of 18.6%
in April and an increase of 10.2% in March. The 47.0% increase from February to May was the largest three-month advance since the index increased 58.3% for the 3-month period that ended July 2020.
Prices for nonfuel imports increased 0.8% in May, after advancing 0.6% in April. In May, higher prices for capital goods; nonfuel industrial supplies and materials; consumer goods, excluding automotives; and automotive vehicles, parts, and engines more than offset lower prices for foods, feeds, and beverages.
Exports
Prices for U.S. exports rose 1.3% in May, the sixth consecutive monthly advance for the index. U.S. export prices increased 11.2% for the 12-month period that ended in May, the largest over-the-year advance since the index rose 11.2% between August 2021 and August 2022.
The primary catalyst for the year-over-year increase is a steep 11.8% annual jump in nonagricultural exports, alongside rising costs for international air freight.
On a monthly basis, the price index for agricultural exports increased 1.2% in May following a 1.7% advance in April. Agricultural export prices rose 5.5% from May 2025, supported by higher prices for soybeans, meat, as well as other foods and food preparations.
Nonagricultural export prices increased 1.2% in May, after rising 7.6% from January to April. Higher prices for nonagricultural industrial supplies and materials; capital goods; consumer goods, excluding automotives, contributed to the 11.8% year-over-year increase of that index in May.
