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U.S. import prices post largest gain in more than a year

June 12, 2020


U.S. import prices increased by the most in more than a year in May, driven by higher costs for petroleum products and food, which could further diminish fears of deflation as the economy battles a recession.

The Labor Department said on Friday import prices rose 1.0% last month, the largest gain since February 2019, after falling 2.6% in April.

Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.6% in May.

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