May 1995 U.S. Import and Export Price Indexes

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

-MAY 1995-

The U.S. Import Price Index rose 1.0 percent in May, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 0.9 percent rise in April and reflected higher prices for both petroleum and nonpetroleum imports. The U.S. Export Price Index rose 0.3 percent in May, after gaining 0.9 percent in the previous month.

Import Goods

Imported petroleum prices continued to increase, rising 3.1 percent in May, after an increase of 4.2 percent in April. Over the last 8 months, petroleum prices have risen 16.9 percent. Import prices of nonpetroleum goods were up 0.8 percent in May, the largest monthly gain recorded for this index since January 1989 (the first period for which monthly data are available). The May increase followed monthly gains of 0.5 percent in each of the previous 3 months.

All of the major end-use categories contributed to the rise in import prices for May. The increase in nonpetroleum prices was led by a 1.3 percent increase for nonpetroleum industrial supplies and materials; over the past 12 months, this index has risen 13.5 percent. The index of food, feeds, and beverages prices, which has fluctuated sharply in recent months, rose 1.2 percent in May -- a turnaround from the 2.5 percent decline last month.

Prices for finished goods continued to post relatively strong gains for at least the second consecutive month. The indexes for automobiles and consumer goods both rose 0.6 percent in May, after recording gains in the previous month of 0.6 and 0.5 percent, respectively. The capital goods index rose 0.8 percent in May, following a 1.0 percent rise in April.

Export Goods

Agricultural export prices rose 0.5 percent in May, less than the 1.9 percent and 1.5 percent gains recorded in the previous 2 months. The index for nonagricultural export prices rose 0.3 percent in May -- the same as the aggregate export price index. These were the smallest monthly increases for both indexes since September 1994.

Export prices for industrial supplies and materials, which have risen 18.5 percent over the past 12 months, again had the largest impact. The 0.6 percent increase in May, however, was the smallest monthly advance for this index since March 1994. The slowdown was due primarily to lower prices for selected building materials, particularly wood products.

The indexes for finished goods edged up in May and continued to record modest over-the-year increases. Consumer goods were up 0.2 percent in May and 1.2 percent over the past 12 months. Similarly, both automobile and capital goods prices were relatively stable, each increasing 0.1 percent in May and 1.0 percent and 0.5 percent over the year, respectively.

Imports by Locality of Origin

The index for imported goods from Japan continued its recent upswing, rising 1.6 percent, in May, after recording a 2.1 percent increase in April. Prices of goods from Japan have risen 6.5 percent over the past 12 months.

Prices of goods from the European Union rose 0.7 percent in May, after registering gains of 1.0 percent and 1.1 percent in April and March, respectively. Over the past 12 months, the index increased 7.2 percent. The price index for imported goods from Canada also rose, up 1.1 percent in May and 8.8 percent for the year.

After declining by 0.2 percent in April, prices for goods imported from the Asian Newly Industrialized Countries increased a moderate 0.3 percent in May. Over the last 12 months, this index has edged up 0.4 percent.