U.S. Import Prices Surge 1.3% In May, Flat Minus Fuel

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The prices the U.S. paid for imported goods surged a seasonally adjusted 1.3% in May, entirely because of a sharp increase in fuel costs. It was the first increase in 11 months and the largest in more than three years. Fuel imports jumped 11.8%, the biggest increase since mid-2009, although oil is far less expensive compared to one year ago. Excluding fuel, import prices were unchanged last month, the Labor Department said Thursday. The price of U.S.-made goods exported to other nations, meanwhile, rose 0.6%. In the past 12 months U.S. import prices have dropped 9.6%, mostly because of a lower oil costs. Import prices are down 2.2% excluding fuel during the same span.

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