By Xavier FontdegloriaThe price of imported goods to the U.S. accelerated in May driven by an increase in oil prices. Import prices rose 0.6% in May on month after growing by 0.4% in April, data from the Labor Department showed Wednesday. The rise in the prices of imports was driven by an increase of petroleum prices, which advanced 6.7% on month after stabilizing the prior month. Excluding petroleum, import prices fell by a marginal 0.1%. On an annual basis, U.S. import prices rose 11.7% in May, below the 12.5% on-year advance registered in April.

Source: Wall Street Journal June 15, 2022 13:11 UTC