January Import Prices Rise 1.5%

The price of goods imported to the United States rose 1.5% in January, the Labor Department said Tuesday.

The increase followed a revised 1.2% gain in December that was slightly higher than originally reported.

Economists had forecast a 0.8% increase, Bloomberg reported.

Petroleum prices jumped 3.4% in January. Excluding food and fuel, import prices rose 0.6%, while excluding all fuels, prices gained 0.8%.

U.S. export prices rose 1.2% following a revised 0.6% gain in December, Labor said.