WASHINGTON — Import prices rose 2.2% in April, as prices in the first quarter rose 6.7%, marking their largest gain since 2008, the Labor Department reported Tuesday.
The April increase in import prices was mostly due to the higher cost of petroleum. Imported petroleum increased 7.2%, while non-petroleum import prices rose just 0.6%.
The April import price increase was higher than the 1.8% forecast by economists polled by Thomson Reuters.