The U.S. Import Price Index rose 1.7 percent in March, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The increase followed a 0.1 percent rise in February and was led by an increase in petroleum prices. The price index for exports increased for the fifth consecutive month, advancing 0.7 percent in March.
Petroleum prices -- which increased 9% -- were the primary reason for the increase. Non-petroleum prices increased .3%.
Short version -- this report is not good, especially in light of the Fed's FOMC minutes released yesterday.
