Oil Helps Boost U.S. Import Prices for June

A surge in imported oil prices more than offset a decline in the cost of imported consumer goods in June, boosting overall U.S. import prices 0.8%, the Labor Department said. The price tag on petroleum imports skyrocketed 7% last month, the biggest since February, after rising 4.8% in May. Excluding petroleum prices, U.S. import prices were unchanged in June after falling 0.2% in May. The cost of imported consumer goods, excluding cars, fell 0.4% last month, the biggest drop since March 1999. U.S. export prices fell 0.1% in June, led by a sharp decline in the cost of agricultural exports. Separately, the number of Americans filing for unemployment benefits surged last week to its highest point in more than a year, partly reflecting auto industry layoffs as plants prepare to build new models. The number of claims rose to 319,000 in the week ended July 8, up by 27,000 from the previous week, the Labor Department said.