US import prices beat expectations in June

[WASHINGTON] US import prices increased more than expected in June amid a surge in the cost of fuel, but the overall trend remained weak, suggesting inflation could stay tame despite a jump in consumer prices last month.

The Labor Department said on Wednesday import prices accelerated 1.4 per cent last month after rising 0.8 per cent in May. Economists polled by Reuters had forecast import prices, which exclude tariffs, gaining 1.0 per cent in June. In the 12 months through June, import prices fell 3.8 per cent after dropping 6.2 per cent in May.

REUTERS