U.S. import prices increased by the most in more than a year in May, driven by higher costs for petroleum products and food, which could further diminish fears of deflation as the economy battles a recession.
The Labor Department said on Friday import prices rose 1.0% last month, the largest gain since February 2019, after falling 2.6% in April.
Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.6% in May.
