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US import prices surge in November

A container ship at the Port of Oakland in Oakland, California.
Getty Images
A container ship at the Port of Oakland in Oakland, California.

U.S. import prices surged in November amid an increase in the cost of imported petroleum products, leading to the largest year-on-year increase in seven months.

The Labor Department said on Thursday that import prices jumped 0.7 percent last month after a downwardly revised 0.1 percent gain in October. Economists polled by Reuters had forecast import prices increasing 0.7 percent in November after a previously reported 0.2 percent rise in October.

In the 12 months through November, import prices advanced 3.1 percent, the largest gain since April, after increasing 2.3 percent in October.