Import Prices Jump 1.5%; Export Prices Rise 1.2%

WASHINGTON — Import prices rose 1.5% in January, and for the first time since July 2008 the index advanced at least 1.0% for four consecutive months, while export prices increased 1.2% in the month, the Labor Department reported Tuesday.

Import prices were up 4.3% over the past three months, the largest three-month gain since a 5.6% advance in June 2009.

The increase in January was due to higher fuel and non-fuel prices and was higher than the 0.8% increase projected by economists and reported by Thomson Reuters.

Non-fuel imports rose 0.8% and imports excluding petroleum increased 1.1%.

Fuel import prices gained 3.9% in January and showed an 18.5% gain over the past four months.

Import prices for December were revised to a 1.5% increase from 1.1% reported last month.

Import price figures are the first of three monthly inflation reports released by the Labor Department. The producer price index will be released on Wednesday and the consumer price index comes out on Thursday.

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