WASHINGTON, June 12 (UPI) -- The U.S. imports price index gained 2.3 percent in May and 7.9 percent in the past four months, the U.S. government reported Thursday.
The rise in import prices has gained 17.8 percent in the past 12 months, the largest annual gain since records began 1982, the U.S. Bureau of Labor Statistics said.
Petroleum related prices gained 68.8 percent for the year ending in May, the largest annual jump since an 82.5 percent rise between February 2002 and February 2003, the report said.
For non-petroleum items, import prices gained 0.5 percent, down from April's gain of 1.2 percent.
Export prices also rose in May, but the 0.3 percent increase was the smallest monthly advance since September 2007. On the year, export prices have gained 8 percent, the report said.
Non-agricultural exports prices gained 0.4 percent in May, while agricultural export prices gained 0.3 percent.
Agricultural price increases were pushed by higher soybean, vegetable and meat prices, "which more than offset a 16.7 percent decline in wheat prices," the report said.
