MoM import prices met expectations with a significant drop and its largest drop in almost 2 years (after the prior drop was revised up to unchanged) but year-over-year saw import prices drop for the first time in 32 months. It seems energy prices were largely responsible as petroleum was down 4.2% MoM - the largest drop since May 2010. The price index for import fuels declined 3.9 percent over the past year after rising 43.7 percent for the year ended May 2011. The decline over the past year was the largest 12-month drop in fuel prices since the index fell 14.2 percent for the October 2008-09 period. Imports ex fuel inched lower -0.1% in May but despite this drop, imports prices for non-fuel imports rose 1.0% YoY. So it seems there is a little here for everyone but not enough for anyone.
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Chart: Bloomberg