WASHINGTON, July 13 (Reuters) - U.S. import prices rose 1.0 percent for a fifth straight monthly increase led by higher petroleum costs, according to a Labor Department report issued Friday.
Wall Street economists were expecting to see a 0.7 percent gain in import prices following an upwardly revised 1.1 percent increase in May.
Imported petroleum prices climbed 4.7 percent in June, the fifth straight monthly gain, after an upwardly revised 3.7 percent rise in May. The department said that petroleum prices were up 28.1 percent since January but up only 2.1 percent from a year ago.
Excluding petroleum, import prices - which are monitored closely by the Federal Reserve policy-makers as a potential source of inflation - edged up 0.2 percent after a 0.5 percent gain a month earlier.
Meanwhile, export prices were up 0.3 percent in June, matching analysts’ expectations.