US import prices rose to their highest in nearly 11 years in January amid soaring energy costs and supply chain problems, the latest indication that high inflation may persist for a while.
Import prices rose 2.0% last month, the highest since April 2011, after falling 0.4% in December, the Labor Department said on Wednesday (16).
In the 12 months through January, the rise in prices accelerated to 10.8%, compared to a rate of 10.2% in December.
Economists consulted by Reuters projected a 1.3% increase in import prices, which exclude tariffs.
The report comes after the news on Tuesday that producer prices rose to an eight-month high in January.
Consumer prices also rose sharply last month, with the annual rate of inflation at a 40-year high.
Imported fuel prices soared 9.3% last month, while oil prices jumped 9.5% and imported food costs accelerated 3.6%.
Excluding fuel and food, the so-called core prices, import inflation was 1.1%, from 0.6% in December.
On an annual basis, the increase was 6.2% in January.
Source: CNN Brasil
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