U.S. import prices jump in July by largest amount in more than a year

The numbers: The U.S. import price index rose 0.4% in July, the Labor Department said Tuesday. This is the biggest gain since May 2022.

Economists surveyed by the Wall Street were expecting a 0.2% gain.

Fuel import costs rose 3.6% in July. Higher prices for petroleum and natural gas contributed to the gain.

Excluding…