May import prices declined 0.6% month-over-month following a downwardly revised 0.3% increase (from 0.4%) in April. Excluding fuel, import prices were down 0.1% following an unchanged reading for April.
Export prices declined 1.9% month-over-month following a downwardly revised 0.1% decline (from 0.2%) in April. Excluding agricultural products, export prices declined 1.8% following a downwardly revised 0.1% decline (from 0.2%) in April.
The key takeaway from the report is the deflation seen in import prices year-over-year (-5.9%), nonfuel import prices year-over-year (-1.9%), export prices year-over-year (-10.1%), and non-agricultural export prices year-over-year (-10.5%).