Inflation in the US economy edged up today with the news that import prices jumped 1% in January.
Much of the increase was due to the higher cost of oil imports, which rose 4.7%, but luxury goods such as cars and food were also a factor.
Prices for non-fuel imports rose 0.4% in January, the largest monthly rise since March 2012, despite edging down 0.1% in December.
The price index for non-fuel imports increased 1.9% over the past 12 months, the largest year-on-year rise since March 2012.
Car prices major factor
Among imports to see significant price increases were vehicles, with prices increasing 0.5% in January, of which cars were the biggest component, while food, animal feed and drink prices rose 0.8%.
Meanwhile prices for US exports rose 0.8% in January following a 0.1% increase the previous month.
The index has not risen by more than 0.8% since May 2016. The increase in non-agricultural prices more than offset a decline in agricultural prices.
The price index for exports has now increased 3.4% over the past 12 months.