US import prices stage unexpected May drop

The cost of goods purchased overseas by the US declined unexpectedly in May.

According to the Department of Labor, the country's Import Price index fell at a month-on-month pace of 0.4% (consensus: +0.1%).

Fuel import prices registered a 2.0% drop versus April while those for other goods slipped by 0.3%.

In year-on-year terms, import prices were ahead by 1.1%.

Export prices meanwhile fell by 0.6% on the back of a 0.8% decline in those of non-agricultural goods.

Agricultural exports on the other hand experienced a gain of 0.5%.

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