US import prices rise 1.4% in May

Prices for imported goods rose 1.4% in May, marking the third increase in a row and their fastest pace in over four years.

May gain exceeded expectations of a 0.7% rise and follows an upwardly revised 0.7% increase in April.

“The May rise was primarily driven by higher fuel prices, although nonfuel prices also increased,” said the US Labor Department.

US export prices advanced 1.1% in May, after rising 0.5% the previous month.