U.S. import prices surged in November amid an increase in the cost of imported petroleum products, leading to the largest year-on-year increase in seven months.
The Labor Department said on Thursday that import prices jumped 0.7% last month after a downward revised 0.1% gain in October. Economists polled by Reuters had forecast import prices increasing 0.7 % in November after a previously reported 0.2% rise in October.
In the 12 months through November, import prices advanced 3.1%, the largest gain since April, after increasing 2.3% in October.
