The U.S. Import Price Index increased 0.7 percent in December. The increase was largely attributable to an upturn in petroleum prices.
The index for imports, which recorded only two monthly decreases in 2002, resumed an upward trend in December. Led by volatile petroleum prices, overall import prices rose 0.7 percent last month after falling 1.0 percent in November.
The petroleum index, which had decreased in the previous two months, rose 7.4 percent in December. Last month’s increase was the largest since the index rose 12.7 percent in April. The price index for nonpetroleum imports also increased in December, edging up 0.1 percent after dipping the same amount in November.
The Export Price Index decreased 0.2 percent in December, after rising 0.1 percent in the previous month.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Import prices up in December at https://www.bls.gov/opub/ted/2003/jan/wk2/art03.htm (visited September 29, 2022).