U.S. import prices increased more than expected in August and gains in the prior month were revised sharply higher, supporting views that inflation pressures were building up, Trend reports with reference to Reuters.
The Labor Department said on Tuesday import prices rose 0.9% last month. Data for July was revised higher to show import prices accelerating 1.2% instead of 0.7% as previously reported.
Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.5% in August.
In the 12 months through August, import prices fell 1.4% after declining 2.8% in July.