The Industrial Product Price Index (IPPI) declined 0.2% in May, mainly due to lower prices for energy and petroleum products. The Raw Materials Price Index (RMPI) fell 1.8%, primarily due to lower prices for crude energy products.

The IPPI declined 0.2% in May, after rising 0.6% in April. This was the first decline in the IPPI since August 2016. Of the 21 major commodity groups, 3 were down, 17 were up and 1 was unchanged.

The decline in the IPPI was mainly due to lower prices for energy and petroleum products (-3.5%). Motor gasoline (-3.3%), light fuel oils (-6.9%) and diesel fuel (-5.6%) were the main contributors to the decline in this product group. The IPPI excluding energy and petroleum products rose 0.4%.

To a lesser extent, primary non-ferrous metal products (-0.7%) also contributed to the decrease in the IPPI. The decline in this product group was largely attributable to lower prices for unwrought precious metals and precious metal alloys (-2.5%), particularly unwrought silver and silver alloys (-5.9%).