Import Prices Rise on Fuel Costs

U.S. import prices continued to rise at a strong pace in April, pushed higher by energy costs that have since come down over the past week amid sharp price swings.

The price of goods imported to the U.S. rose by a higher-than-expected 2.2% in April from the month before, the Labor Department said Tuesday. That followed a 2.6% rise in March. It's the first time since June 2008 that import prices increased by more than 2.0% for two straight months.

Economists in a Dow Jones Newswires survey had predicted a 1.7% monthly increase in import prices for April.

The report was the first of three this week that are expected to show inflation was boosted by higher energy prices in April. A sharp rise in the prices of oil, metals, grains and other commodities has been a major factor behind the recent uptrend in inflation.

Read Full Article from Wall Street Journal

- Posted: 2011-05-10 11:23:47

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