U.S. import prices jump 0.6% in May – is higher price inflation here?

This one is for the “inflation is never coming” crowd.

For the second consecutive month, the import price index jumped by 0.6% in May, contributing to the growing belief that higher inflation is here.

According to the U.S. government, the 12-month import price index advanced to 4.3 percent, from 3.6 percent in the previous month. However, if you exclude gasoline prices, May’s increase would be 0.2 percent and the 12-month increase would be 1.9 percent.

U.S. export prices also increased 0.6% last month.

With the Federal Reserve unwinding its massive $4.5 trillion balance sheet, the tidal wave of inflation could very well be just around the corner.