April 15, 2005 10:00 AM, EDT

Import Prices Rise 1.8% in March

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rices of imported goods rose 1.8% in March, following a 0.8% jump in February, the Labor Department said Friday.

Oil prices led the increase, with prices surging 10.6% following a 4.6% rise in February. Labor reported that excluding petroleum, import prices rose 0.3%.

Economists had forecast a 1.4% rise, Bloomberg reported.

Higher prices for imports can hurt truckers who carry goods inland from ports to stores and warehouses.

Imported capital goods prices declined for a second straight month, while automobile prices were unchanged, the monthly report said.

Imported food prices rose 3.4% following a 1% rise the previous month. The costs of all imported consumer goods other than autos dropped by 0.4%, after a 0.5% rise in February, Labor said.

Labor also reported that prices of U.S. products exported to other countries rose 0.7%, following no change in February.

Clothing prices fell 0.3% in March following a 0.1% dip. Worldwide textile quotas had ended in January, giving a boost to China, Bloomberg reported.

Textile shipments from China rose almost 10% in February, Bloomberg said.