October 17, 2017 / 12:38 PM / a month ago

Petroleum, food boost U.S. import prices in September

WASHINGTON, Oct 17 (Reuters) - U.S. import prices for September recorded their biggest increase in more than a year amid rising petroleum and food costs, but underlying imported inflation remained modest.

The Labor Department said on Tuesday that import prices jumped 0.7 percent last month, the biggest gain since June 2016, after an unrevised 0.6 percent rise in August.

Economists polled by Reuters had forecast import prices increasing 0.5 percent in September.

In the 12 months through September, import prices climbed 2.7 percent after advancing 2.1 percent in August. The year-on-year rise in import prices peaked at 4.7 percent in February, which was the biggest advance in five years. (Reporting By Lucia Mutikani; Editing by Chizu Nomiyama)

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