Import prices in the United States recorded a stronger-than-expected increase in May, according to data released Tuesday by the Labor Department, pointing to continued pricing pressures in international trade.
The report showed import prices climbed 1.9% during the month, following an upwardly revised 2.0% increase in April.
Economists had forecast a more modest gain of 1.0% for May. The April figure was initially reported as a 1.9% rise before being revised higher.
Export prices also continued to move upward, increasing 1.3% in May after a revised 3.5% surge in April.
Analysts had expected export prices to advance 1.2% in May. The previous month’s increase was originally reported at 3.3%.
The latest figures indicate that both import and export costs remained elevated during the period, exceeding market expectations and highlighting ongoing price pressures across global trade channels.