U.S. Import and Export Prices Rose Again in May Ahead of the FOMC Decision
The U.S. Bureau of Labor Statistics said on 16 June 2026 that U.S. import prices increased 1.9 percent in May, following a revised 2.0 percent rise in April, while export prices increased 1.3 percent after rising 3.5 percent in the previous month. The release came one day before the Federal Open Market Committee decision scheduled for 17 June 2026.
The data add another inflation related input for markets and policymakers, though the BLS release reports price movements rather than assigning a policy cause. The figures show that external price pressures remained firm in May, with import prices up 6.7 percent from a year earlier and export prices up 11.2 percent over the same period.
Fuel and nonfuel imports both contributed
The BLS said higher prices for fuel imports and nonfuel imports drove the May increase in import prices. Prices for fuel and lubricants imports rose 12.5 percent in May after increasing 18.6 percent in April and 10.2 percent in March. The BLS said higher prices for petroleum and natural gas drove the May advance, with petroleum prices rising 13.0 percent and natural gas prices increasing 10.4 percent.
Nonfuel import prices rose 0.8 percent in May after a 0.6 percent increase in April. The BLS said higher prices for capital goods, nonfuel industrial supplies and materials, consumer goods excluding automotives, and automotive vehicles, parts and engines more than offset lower prices for foods, feeds and beverages.
Export prices also remained firm
Export prices rose for a sixth consecutive month, according to the BLS. The May increase was led by higher prices for nonagricultural exports, while agricultural export prices also contributed to the advance. Agricultural export prices increased 1.2 percent in May following a 1.7 percent rise in April. Nonagricultural export prices also rose 1.2 percent in May, supported by higher prices for nonagricultural industrial supplies and materials, capital goods, consumer goods excluding automotives, and automotive vehicles, parts and engines.
Implications for markets
The May release matters because import and export prices can influence inflation expectations, business costs and trade related pricing conditions. With the FOMC decision due on 17 June 2026, the data provide another signal that goods linked price pressures remained elevated, particularly through energy and industrial input channels.
For global markets, the report points to firm dollar denominated trade prices and continued sensitivity to energy costs. The BLS data do not assign the price increases to tariffs or other policy measures, so any tariff related interpretation should be treated as market analysis rather than a conclusion from the statistical release.
Sources: U.S. Bureau of Labor Statistics.
