U.S. Import Prices Push Higher

Washington, Rabi’II 14, 1438, Jan 12, 2017, SPA– U.S. import prices posted their biggest gain in nearly five years in the 12 months through December, the government said Thursday, suggesting that inflation could soon push higher.
The Labor Department reported that import prices rose 0.4 percent in December, while the price index excluding petroleum dropped 0.2 percent. Prices for fuel imports jumped 7.3 percent in the month, the largest gain since June.
Meanwhile, the export price index was up 0.3 percent, and non-agricultural exports increased 0.4 percent.
Import prices rose 1.8 percent in 2016 compared to 2015, while export prices gained 1.1 percent. In 2015, import and export prices declined sharply, dropping 8.3 percent and 6.6 percent, respectively.
Fuel import prices climbed in 2016 for the first time since 2011, and by the biggest amount since 2009, jumping 25 percent after a 41 percent plunge in 2015.
–SPA
19:25 LOCAL TIME 16:25 GMT