US import prices jump in May as energy costs rebound

The cost in the US of goods purchased from overseas jumped last month as energy prices rebounded, alongside a small increase in those for non-fuel imports.

According to the Department of Labour, total import prices were 1.0% higher month-on-month and 6.0% lower year-on-year.

Economists had penciled in a rise of 0.7% against April and an annual drop in prices of 6.9%.

Fuel prices leaped by 20.5% month-on-month, while food prices edged up by 0.1% (consensus: -0.3%).

On the export side of the equation meanwhile, prices were 0.5% higher, with those of agricultural goods down by 0.5% and those outside of agriculture increasing by 0.6%.