Washington, DC, September 9---Prices of goods imported into the U.S increased 1.3% in August, the fastest increase since March, according to a Labor Department report.
The price gains were almost exclusively in energy goods such as crude petroleum and natural gas. Excluding the 7.1% rise in petroleum prices, import prices were flat, the fourth month in a row with no increase.
Imported natural gas prices rose 4.3%. Excluding all fuels, import prices fell 0.2%, the fourth consecutive decline.
The import price index shows no outside pressure on U.S. inflation apart from the energy sector.
Economists were expecting import prices to rise 1.2% in August after July's 0.8% gain, which was revised down from 1.1%.
Import prices were up 7.6% in the past year, down from 7.8% last month. Excluding petroleum, import prices were up 1.8% year-over-year.
Petroleum prices were up 42.5% year-over-year.
