The U.S. Import Price Index increased 2.0% in August, the U.S. Bureau of Labor Statistics reported Friday. Data was above market consensus of 1.0% and the previous report in July of -0.7%

The increment in price was driven primarily by a 9.8% advance in Fuel Prices. Excluding fuel, prices for imports increased 0.4 % in August following a 0.2% decline the previous month.

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“U.S. Import Prices spiked 2 percent in August as the cost of oil rose, the Labor Department said on Friday,” Reuters reported.

“The increase, twice what analysts polled by Reuters had expected, was the fifth rise in the last six months. It followed a July drop of 0.7 percent.”

Full Story – Via Reuters