Cost of imports registers biggest increase in 15 months as gas prices boost inflation
The numbers: The cost of imported goods rose 0.5% in August, marking the biggest increase in 15 months, largely because of higher oil prices.
import prices rose for the second time in a row and just the third time this year. Economists polled by the Wall Street Journal had estimated a 0.3% increase.
If fuel is set aside, import prices fell 0.1% last month, the government said.
What’s more, the cost of imports has fallen 3% in the past year. Prices have eased since a huge runup in 2021 and 2022.