US import prices for the month of January rose a larger than expected 1.7%, with rising oil and food prices accounting for most of the gain. Economists were expecting an increase of 0.4%.
Petroleum prices increased 5.5% in January, and have increased a staggering 66.9% over the past year. Imported food prices rose by 3.1%, the largest gain since March 2005.
US export prices, meanwhile, rose 1.2% for the month, the most since January of 1989. This was helped by record prices for food and agricultural products. In January, agricultural export prices rose 5.0%, while food and beverage export prices increased 5.6%. Over one year, export prices are up 6.7%.
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