US import prices jumped 1.9% in May, nearly double what economists had predicted and a clear signal that inflationary pressures are not fading quietly into the night.
The Bureau of Labor Statistics released the data on June 16, showing that the May increase followed a revised 2.0% gain in April. Wall Street had expected something closer to 1.0%.
Where the pain is coming from
Fuel and lubricant imports spiked 12.5% in May, which was the single largest contributor to the overall increase.
Strip out fuel, and nonfuel imports still rose 0.8%.
