US Import Prices Accelerate in March on Petroleum

[claireokc]

WASHINGTON—U.S. import prices accelerated by the most in 11 years in March as Russia’s war against Ukraine boosted petroleum prices. Import prices jumped 2.6 percent last month, the largest rise since April 2011, after increasing 1.6 percent in February, the Labor Department said on Thursday. In the 12 months through March, prices raced 12.5 percent, the largest gain since September 2011, after advancing 11.3 percent in February. Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 2.3 percent. The Russia-Ukraine war has driven up prices of oil and other commodities, like wheat and sunflower oil. Government data this week showed monthly consumer prices increasing by the most in 16.5 years in March, while producer prices notched their largest gain since December 2009. The Federal Reserve in March raised its policy interest rate by 25 basis points and has signaled bigger rate hikes down the road. ...

Source: https://www.theepochtimes.com/us-import ... 06328.html