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Economic Report: Cost of imported goods surge in August led by fuel

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The cost of imported goods aren’t rising very much or adding to U.S. inflation..

WASHINGTON (MarketWatch) — The cost of imported goods surged in August, but it marked only the second increase in the past six months and half of the gain stemmed from higher oil prices.

The import price index jumped 0.6% last month to match the biggest increase since January, the government said Tuesday. The increase followed three straight declines.

Excluding fuel, import prices rose a much smaller 0.3% last month.

Even with the latest gain, the cost of imports has only risen 2.1% in the past 12 months, indicating the U.S.

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