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June 12, 2014 8:45 AM, EDT
Import Prices Rise in May
Luke Sharrett/Bloomberg News

The price of goods imported to the United States increased in May, the Labor Department reported June 12.

May’s 0.1% rise follows a 0.4% decline the prior month.

Economists had expected import prices to rise 0.2% in May according to a survey by the Wall Street Journal.

Import prices rose 0.4% in May from a year earlier, the first year-over-year increase since last July, the Wall Street Journal reported.

The cost of imported petroleum, up 1.1% on the month, accounted for most of the gain. Import prices excluding petroleum declined 0.1% on the month.