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.