Imported-good prices rise

Prices of goods imported into the U.S. rose more than forecast in July when oil climbed to a record high, underscoring the Federal Reserve’s most recent statement that inflation remained a risk to the economy.

The 1.5% increase, the biggest since March, followed a revised 0.9% gain in June, the Labor Department reported Friday. Prices excluding petroleum rose 0.2%, the fifth straight rise.

Higher raw-material costs and a weaker dollar are pushing up prices for goods from all over the world. Rising prices from abroad make it more difficult for the Fed to lower rates should the economy stumble after the global retreat in financial markets.

“There clearly are inflationary pressures in this report -- we see them both in energy and outside of energy,” said Julia Coronado, a senior economist at Barclays Capital in New York. “It highlights the balance the Fed is trying to strike” in the midst of the market turmoil.

Economists had forecast import prices would rise 1% for a second month, according to a Bloomberg News survey.