U.S. import prices advanced 0.1 percent in December following a 0.1-percent increase in each of the previous 2 months, the U.S. Bureau of Labor Statistics reported today. Higher fuel and nonfuel prices in December contributed to the overall rise in import prices.

U.S. import prices barely rose for a third straight month in December as a surge in the costs of fuels ad foods was offset by weakness elsewhere, which bodes well for the inflation outlook.