Energy Prices Push Import Inflation Higher as Tech Costs Climb

U.S. import prices rose sharply in May for the third consecutive month, driven by another surge in fuel costs and rising prices for capital goods and technology products tied to the artificial-intelligence investment boom.

Import prices increased 1.9 percent in May from the prior month, the Labor Department said Tuesday. That followed gains of 2.0 percent in April and 0.9 percent in March. From a year earlier, import prices were up 6.7 percent, the largest 12-month increase since August 2022.

Fuel remained the dominant source of the increase. Prices for imported fuels and lubricants rose 12.5 percent in May after climbing 18.6 percent in…

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