U.S. import price inflation accelerated in May with headline prices rising by 11.3% year over year and prices excluding food and fuels up by 6.0%. While the start of the impact of the pandemic a year earlier clouds the figures there’s a clear momentum for prices on a sequential basis with a 1.0% increase month-on-month being the sixth in a row and the fastest since 2010. The increase on a sequential basis has been driven by raw materials, raising the prospect for supply chain inflation throughout the next few months. Prices for chemicals and base metals / products climbed 3.5% a...