Prices on Imported Goods Increase in U.S.

Prices U.S. businesses paid for imported goods rose in March as costs for oil and other raw materials increased, a sign companies can no longer rely on cheap imports to hold down costs, government figures showed. The import price index increased 0.3% last month after surging 2% in February, the Labor Department reported. Excluding petroleum, import prices increased 0.2% after a February gain of 0.3%. Prices for industrial supplies including metals, chemicals and building materials rose 2.2% in March, the largest monthly gain on record. The report also showed prices of U.S. products exported to other countries rose for the third straight month, increasing 0.4% in March after a 0.5% gain in February. Prices for agricultural exports increased 0.1%, while prices for nonagricultural exports rose 0.4%.