Import Prices Rise in January
The price of goods imported to the United States increased in January after a rise the prior month, the Labor Department reported Feb. 14.
The 0.1% rise in January follows a rise from the prior month that was originally reported as unchanged. Economists surveyed by Dow Jones forecast a 0.2% decline from December, the Wall Street Journal reported.
Import prices fell 1.5% year-over-year, and the cost of imported goods minus fuel increased 0.3% last month, the largest increase since March 2012. That followed little change the previous four months.
The price of consumer goods rose 0.7%, the largest increase since October 1992. U.S. export prices increased 0.2% after rising 0.4% the previous month.
In a separate report the Commerce Department said business inventories increased 0.5% in December after rising 0.4% in November, Reuters reported.
Retail inventories, excluding automobiles, increased 0.2% after a 0.6% gain in November.
Economists forecast the current level of inventory is unsustainable and expect that businesses will step back to work through current stocks in the first quarter, Reuters reported.
When sales are growing, trucking usually faces additional demand to deliver goods and restock shelves.
