The price of imported goods to the U.S. rose at a faster pace in March due to a surge in oil prices after Russia’s invasion of Ukraine. Import prices increased 2.6% in March compared with the previous month, up from the 1.6% advance registered in February, according to data from the Labor Department Thursday. Economists polled by The Wall Street Journal expected a 2.2% rise.
The pickup in prices was driven by a 16.1% on-month rise in petroleum prices, the data showed. On an annual basis, U.S. import prices increased 12.5% in March, accelerating from the 11.3% on-year rise registered in February and the highest level since September 2011.