U.S. trade price inflation accelerated in May with headline import prices up 4% and exports by 5% on a year earlier. A 43% rise in oil prices and resulting fuel cost increases were partly to blame. Excluding food and fuel though there was still a 2% rise in import prices (the highest since March 2012) and 3% in exports (the fastest since at least December 2010). Further import price rises are likely as section 232 metals duties were widened in scope in June (having seen prices rise 17% in May already) and a broad set of duties on Chinese exports are due shortly. That effect may be limite...