Import prices rose 2.0% in August, increasing for the fifth time in six months, led primarily by an increase in fuel prices, the Labor Department reported Friday.
Prices excluding fuel rose 0.4%, the largest monthly increase since July 2008. Prices for imports excluding fuel remain down 5.1% over the past 12 months. The 5.3% decrease recorded for the year ending in July was a record decline since the series started in December 2001.
Fuel import prices increased 9.8% in August as petroleum products rose 10.5%. Fuel import prices have fallen 40% from a year ago.
The import price index is the first of three monthly inflation gauges released by the Labor Department. Producer and consumer price indexes will be released next week.
Prices for all imports fell 15% from a year ago, but prices have risen 7.6% for the year to date.
The price of imports from China rose 0.2%, those from Japan inched up 0.1%, those from European Union countries grew 0.2%, and those from Latin American countries surged 3.4%.
Export prices rose 0.7%, the largest increase since January, as non-agricultural exports increased 0.8%.
