Economic Report: Rising import prices show higher cost of oil is chiefly behind recent inflation spike

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The higher cost of gasoline resulting from an increase in oil prices led to more inflation in March, but the cost of filling up is still about the same as it was a year ago.

The numbers: The price of imported goods rose sharply in March for the second month in a row, but once again almost all the increase was tied to higher oil prices. The cost of other imports excluding fuel fell, another sign that inflation in the U.S. remains subdued.

The import price index climbed 0.6% last month after a revised 1% gain in February, the government said Friday.

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