The cost of imported goods jumped two percent as American buying power dimmed further amid the biggest jump in inflation in 40 years, Department of Labor data showed Wednesday.
This was the biggest jump in import prices in 11 years and follows last week’s report showing that the Consumer Price Index rose 0.6 percent in January and 7.5 percent compared with a year earlier.
Economists had been expecting a 1.2 percent rise in import prices in January. Compared with a year ago, prices are up 10.8 percent.
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