The US Bureau of Labor Statistics reports that US import prices were unchanged in May 2025 as higher nonfuel costs offset a 4.0% drop in fuel prices, while export prices fell 0.9%—the sharpest monthly decline since October 2023—driven by lower nonagricultural goods. Despite the dip, export prices rose 1.7% year-over-year. Agricultural exports edged up, and import airfares jumped 7.3%, while export airfares dropped 1.9%. Terms of trade improved with China and Canada but declined with Japan, Mexico, and the EU. They write:
U.S. import prices were unchanged in May, the U.S. Bureau of Labor Statistics reported today, following a 0.1-percent increase in April. Higher prices for nonfuel imports offset lower prices for fuel imports in May. Prices for U.S. exports declined 0.9 percent in May, after ticking up 0.1 percent the previous month.
Imports
Prices for U.S. imports were unchanged in May following an advance of 0.1 percent in April and a decrease of 0.4 percent in March. The price index for U.S. imports rose 0.2 percent from May 2024 to May 2025.
Fuel Imports: Import fuel prices declined 4.0 percent in May following decreases of 2.6 percent in April and 3.4 percent in March. The May decrease was the largest monthly decline since the index fell 7.2 percent in September 2024. Lower prices for petroleum and natural gas contributed to the decrease in import fuel prices in May. Prices for import fuel declined 15.7 percent over the past 12 months, the largest over-the-year decrease since the index fell 17.9 percent for the year ended September 2024. Import petroleum prices fell 3.7 percent in May, after declining 2.5 percent the previous month. The price index for petroleum imports decreased 17.4 percent over the past 12 months. Import natural gas prices declined 9.0 percent in May, after falling 8.5 percent in April. Despite the recent decreases, prices for import natural gas rose 88.4 percent for the year ended May 2025.
All Imports Excluding Fuel: Prices for nonfuel imports advanced 0.3 percent in May following an increase of 0.4 percent in April. Higher prices for nonfuel industrial supplies and materials, capital goods, consumer goods, and automotive vehicles more than offset lower prices for foods, feeds, and beverages. The price index for nonfuel imports increased 1.7 percent over the past 12 months, led by higher prices for nonfuel industrial supplies and materials; foods, feeds, and beverages; capital goods; and automotive vehicles.
Foods, Feeds, and Beverages: Foods, feeds, and beverages prices fell 0.3 percent in May following decreases of 0.1 percent in each of the 2 previous months. Lower import prices for fruit, fish and shellfish, and distilled alcoholic beverages more than offset higher prices for cocoa beans and meat.
Nonfuel Industrial Supplies and Materials: Import prices for nonfuel industrial supplies and materials rose 1.3 percent in May, after a 0.4-percent increase in April. Higher prices for agricultural products used for industrial supplies and materials, finished metals shapes and advanced manufacturing, and nonmonetary gold contributed to the advance.
Finished Goods: Prices for each of the major finished goods import categories rose in May. Import capital goods prices advanced 0.2 percent in May following a 0.7-percent rise in April. Higher prices for industrial and service machinery and for scientific and medical machinery each contributed to the monthly increase. Import prices for automotive vehicles ticked up 0.1 percent in May, after advancing 0.2 percent the previous month. The price index for import consumer goods increased 0.2 percent in May following a 0.3-percent advance in April. Higher prices for medicinal, dental and pharmaceutical preparatory materials led the increase in May consumer goods prices.
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