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U.S. import prices jump 3.2 pct in June

Published 07/10/2009, 08:34 AM
Updated 07/10/2009, 08:48 AM

WASHINGTON, July 10 (Reuters) - U.S. import prices jumped a steeper-than-expected 3.2 percent in June, largely because of rising oil prices, Labor Department data showed on Friday.

Economists polled by Reuters had expected a 2 percent increase in import prices, after a 1.4 percent rise in May that was initially reported as a 1.3 percent gain.

The increase for June was the largest since a matching 3.2 percent jump in November 2007. The last time the index recorded a bigger gain was in September 1990, when it rose 3.4 percent.

Import prices have risen for four consecutive months, but are still down for the year ended in June, largely because of volatile oil prices.

The Labor Department said petroleum prices rose 20.3 percent in June, the largest monthly advance since April 1999. However, these prices are still down 45.9 percent over the past 12 months.

Oil prices have moderated somewhat in the last couple of weeks, but economists are keeping a close eye for any indication that price pressures may choke off the economic recovery expected to begin this quarter.

(Reporting by Emily Kaiser, Editing by Chizu Nomiyama)

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