Higher imported prices in the US pick up in May – 06/16/2021

Cruises will begin in the United States in July or August - 05/24/2021

WASHINGTON (Reuters) – Import prices in the United States rose higher than expected in May as the cost of oil products rose and supply chain disruptions pushed up prices of other goods, amid reopening signals that inflation warmed Used to be. Of economy.

The Labor Department said on Wednesday that import prices rose 1.1% last month after rising 0.8 percent in April. For the seventh consecutive monthly increase, the index pushed up annual growth to 11.3%, the highest rate since September 2011.

The annual rate in April was 10.8%.

Economists consulted by Reuters predicted a 0.8% increase in imported prices, excluding tariffs. Part of the rally in annual prices reflects a decline in last year’s weak read count.

This month’s data showed a strong rise in producer and consumer prices in May. Vaccinations against COVID-19, trillions of dollars from the US government and rising demand for lower interest rates, have companies looking for raw materials and labor. But with high inflation seen as transient, supply chains are expected to self-regulate.

After rising 1.6% in April, prices of imported fuel rose 4.0% last month. Oil prices rose by 3.8%, while the cost of imported food declined by 0.4%. Excluding fuel and food, imported prices increased by 1.0%. In April, so-called core import prices rose 0.7%.

The report also showed that export prices rose 2.2% in May after rising 1.1% in April. Agricultural export prices rose 6.1%, the biggest gain since November 2010.

(Por Lucia Muticani)

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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