The cost of imported goods rose 0.9% in December, matching the biggest increase in five months, largely because of higher prices for oil and industrial supplies.
The import price index rose for the seventh time in eight months, but inflation is still very low. Import prices, for example, have actually declined 0.3% in the past 12 months.
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If fuel is excluded, import prices moved up a smaller 0.4% last month. Over the past year import prices minus fuel have risen a moderate 1.9%.
U.S. export prices rose 0.6% in December.
