Import Prices Rise on Higher Fuel Costs

The price of goods imported to the United States rose 0.6% in January, the first rise in three months, on more expensive fuel and building materials, the Labor Department said Wednesday.

The increase followed a revised 0.5% decline in December that was larger than orginally reported, Labor said.

Economists had forecast a 0.8% increase, Bloomberg News reported.

The cost of imported petroleum rose 2.4% in January; prices for building materials increased 2.9%, while prices for imported automobiles increased 0.1%.

U.S. export prices increased 0.3% in January, after falling 0.1% the prior month, Labor said.