US January import prices rise slightly as inflation stays dormant

Mark Elias | Bloomberg | Getty Images

Prices on U.S. imported goods rose by slightly more than expected in January, data showed on Friday, yet underscoring how inflationary pressures remain largely dormant.

The Labor Department reported that import prices ticked up by 0.1 percent last month, the third consecutive month of gains. Economists in a consensus survey expected January import prices to fall by 0.2 percent, against the prior month's unchanged reading.

Prices on petroleum items dropped by 1.2 percent, while non-petroleum goods rose by 0.4 percent.

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--By with wires