Import Prices Rise 1.3% in August

Import prices rose in August by the most in five months as crude oil costs climbed even before Hurricane Katrina struck the Gulf Coast. Excluding petroleum, import prices were unchanged after three months of declines.

Import prices increased 1.3% after a 0.8% gain in July that was less than originally reported, the Labor Department said. The July import price index excluding petroleum was revised to a 0.2% decline from a previous 0.1% drop.

Prices for all imported goods last month were 7.6% higher than in August 2004, compared with a 7.8% year-on-year increase in July. Excluding petroleum, prices were up 1.8% in the last 12 months, the smallest year-on-year gain since March 2004.