U.S. import prices rose less than expected in June as a drop in the cost of food offset an increase in petroleum, suggesting imported inflation pressures remained benign.
The Labor Department said on Tuesday import prices edged up 0.1 percent last month after increasing by a revised 0.3 percent in May.
Economists polled by Reuters had forecast import prices rising 0.3 percent after a previously reported 0.1 percent gain in May. In the 12 months through June, prices increased 1.2 percent, the largest rise since March 2012.
Sluggish global demand and a fairly strong dollar are keeping imported inflation subdued. Domestic inflation, however, is steadily creeping as the labor market gradually tightens.