The US economy has received good news in the form of better-than-expected increases in import and export prices during May 2016.

Import prices were up by 1.4 per cent during the month, which was much higher than the 0.8 per cent figure predicted by economists. This is compared to the 0.7 per cent final figure for April, which itself was revised upwards from an initial estimate of 0.3 per cent.

This latest jump in import prices represented the biggest monthly advance since March 2012, according to the Labor Department, and accompanied a 1.1 per cent rise in export prices - up from a 0.5 per cent advance in April, and marking the best performance since March 2011.

Key drivers of this recent improvement include a recent substantial increase in fuel prices, with the value of automotive assets, consumer goods and food all on the rise.

This will strengthen the US government's confidence that it will be able to achieve an economic rebound in the second quarter of 2016 as expected, after optimism was recently shaken by underwhelming non-farm payroll jobs data earlier this month.