Prices for U.S. imports advanced 0.6 percent in May following a 0.4-percent increase in April and a 3.0- percent rise in March. The last monthly decline for import prices was a 0.4-percent decrease in December
- U.S. import prices increased 11.7 percent for the year ended in May.
Fuel Imports: Import fuel prices rose 7.5 percent in May, after advancing 0.5 percent in April and 17.7 percent in March. Higher petroleum and natural gas prices both contributed to the increase in May. The price index for import fuel rose 73.5 percent over the past year, the largest 12-month advance since increasing 87.0 percent in November 2021. Prices for import petroleum advanced 6.7 percent in May, after recording no change the previous month. Petroleum prices rose 71.0 percent from May 2021 to May 2022. Import natural gas prices increased 26.5 percent in May following a 13.0-percent rise in April. Prices for natural gas advanced 150.5 percent over the past 12 months, the largest over-the-year rise since increasing 193.8 percent for the year ended March 2003.
Gee, I wonder what foreign policy decision could have contributed to higher prices on fuel imports?