Import Prices Grow 1.1% in December

The price of goods imported to the United States increased 1.1% in December, the Labor Department said Wednesday.

The gains were led by imported fuels and food. Excluding automobiles, prices of imported consumer goods were unchanged. Prices excluding fuel rose 0.3%.

The overall increase followed a revised 1.5% gain in November that was the highest in a year.

The gain was slightly lower than economists’ forecast of a 1.2% increase, Bloomberg reported.

U.S. export prices rose 0.7% after a 1.5% gain the month before, Labor said.