June 14, 2004 (The Editor’s Desk is updated each business day.)

Import prices in May

Import prices rose 1.6 percent in May, the eighth consecutive monthly advance and the largest one-month rise since February 2003.

[Chart data—TXT]

The increase was led by a 10.3-percent jump in petroleum prices, which had risen for 6 consecutive months prior to a 0.4-percent decline in April. Over the past 12 months, the price index for petroleum imports was up 43.9 percent, while overall import prices rose 7.0 percent.

Prices for nonpetroleum imports continued a modest upward trend in May, up 0.4 percent, compared with increases of 0.2 percent to 0.4 percent in five of the preceding six months. For the year ended in May, nonpetroleum imports were up 3.0 percent.

Export prices rose 0.3 percent in May, compared with increases of 0.7 percent or more in each of the preceding four months.

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 2004" (PDF) (TXT), news release USDL 04-1026.