US June import prices up 2.6 pct on oil price surge
WASHINGTON, July 11 |
WASHINGTON, July 11 (Reuters) - U.S. import prices climbed 2.6 percent in June on a surge in petroleum imports that led to gains in a broad range of sectors, government data on Friday showed, adding more evidence of inflation worries as the economy limps ahead.
Import prices for petroleum products, including crude oil, rose 7.4 percent in June. They were up 78.6 percent for the year, which was the largest annual increase since February of 2003, the Labor Department said.
Economists polled ahead of the report were expecting overall import prices to rise 1.9 percent, and with oil hitting a new record above $146 per barrel on Friday, bigger gains in import prices will be expected.
The continued surge in fuel costs drove up airline fares from foreign airline carriers for the month by the biggest amount on record, a Labor official said.
Excluding petroleum, import prices rose 0.9 percent in June, the ninth straight increase. That reflected a continued rise in prices for food , feed and beverages, which rose 1.9 percent during the month and the largest yearly rise on record.
(Reporting By Joanne Morrison; Editing by Chizu Nomiyama)
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