Import prices jumped nearly 11% in the past year, helping to fuel U.S. inflation
Import prices also surged 1.9% in the prior month. The back-to-back increases in import prices are the largest in 11 years.
Oil began to surge last year from pandemic lows and prices spiked toward the end of the month after Russia invaded Ukraine. The Federal Reserve later today is expected to announce the first increase in U.S. interest rates in four years.
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