RTTNews - Import prices showed a substantial increase in the month of June, according to a report released by the Labor Department on Friday, with the price growth reflecting a sharp rise in the prices of petroleum imports.
The report showed that import prices jumped 3.2 percent in June following a 1.4 percent increase in May. The increase was largely due to a 20.3 percent increase in the prices of petroleum imports, which rose 9.3 percent in the previous month.
Without the increase in petroleum prices, import prices increased by a much more modest 0.2 percent in June compared to a 0.1 percent increase in May.
On an annual basis, total import prices were down 17.4 percent, while the prices of non-petroleum imports were down 6.5 percent.
The Labor Department also said that export prices rose 1.1 percent in June after increasing by 0.5 percent in each of the two previous months.
Excluding a 4.8 percent increase in the prices of agricultural export, export prices rose 0.8 percent in June compared to a 0.3 percent increase in May.
Total export prices were down 6.4 percent compared to the same month a year ago, while non-agricultural prices were down 5.7 percent year-over-year.
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