WASHINGTON, June 14 - U.S. import prices fell for the first time in five months in May amid lower prices for energy products, providing another boost to the domestic inflation outlook.
"Fed officials did not see what they were hoping for in the inflation trend when they met earlier this week, but the winds of change are coming for those bearish inflation outlooks," said Christopher Rupkey, chief economist at FWDBONDS. In the 12 months through May, import prices increased 1.1%, matching April's rise. Imported fuel prices dropped 2.0% in May after advancing 4.1% in April. There were sharp decreases in the prices of crude petroleum and natural gas.
The stock market rally has not helped morale either. The University of Michigan said its preliminary reading on the overall index of consumer sentiment came in at 65.6 in June, the lowest level since November, compared to a final reading of 69.1 in May. It was the third straight monthly decline.
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