US import prices fall more quickly than expected in May

Import prices Stateside fell more than expected last month amid a large drag from declining fuel import costs.

The cost of purchasing goods overseas fell by 0.3% month-on-month in May, according to the Department of Labor.

Previous estimates for March and April were revised lower as well, contributing to a drop in the year-on-year rate of import price gains from 2.9% in April to 2.1% for May.

In comparison to April, fuel import prices were down by 3.7% and non-fuel costs flat.

Export prices also retreated, slipping by 0.7% over the month after rising 0.2% in the month before.

Lower prices for agricultural exports accounted for the bulk of the decrease, slipping by 1.6% on the month.

Meanwhile, the cost of non-agricultural exports fell by 0.6%.