Import Prices Rise for First Time in Five Months

The price of goods imported to the United States rose in August for the first time in five months, while export prices saw their biggest gain in more than a year, the Labor Department said Wednesday.

The 0.7% import-price increase followed a revised 0.7% decline in July. Economists had forecast a 1.5% rise, Bloomberg reported.

The cost of imported fuel rose 4.1%, while prices excluding petroleum dipped 0.5%. 

U.S. export prices rose 0.9% in August, the biggest increase since March 2011, Labor said.

Imported food costs declined 0.9%, while prices for imported automobiles and parts were unchanged following a 0.3% increase in the previous month.