Import prices spike as oil rises

Total import prices jump 2% in August, but excluding petroleum the increase was a softer 0.4%.

WASHINGTON (Reuters) — U.S. import prices spiked 2% in August as the cost of oil rose, the Labor Department said on Friday.

The increase, twice what analysts polled by Reuters had expected, was the fifth rise in the last six months. It followed a July drop of 0.7%.

Excluding petroleum, import prices increased a much milder 0.4% in August after falling 0.3% in July. Petroleum prices were up 10.5% and fuel import costs were up 9.8% — both the sixth increases in the past seven months.

Reuters