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Economic Report: U.S import prices rise at fastest pace since 2012

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Higher oil prices have raised the overall cost of U.S. imports

WASHINGTON (MarketWatch) — The cost of imported goods rose at the end of 2016 at the fastest pace in four years, largely because of higher oil prices whose recent rise has added to some upward pressure on inflation.

The import price index increased 0.4% in December, the second big move in three months, the government reported Thursday.

For the full year, import prices advanced 1.8%. That’s the biggest 12-month increase since the spring of 2012 and ends almost two and a half years of basically negative import inflation.

Most of the weakness, and now the uptrend, in import prices is tied to large swings in the global cost of oil.

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