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U.S. import prices rise in May
U.S. import prices rose by 1.9% in May, marking the largest monthly increase in nearly a year, driven by higher fuel and capital goods prices. Additionally, these prices increased by 6.7% year-over-year, the highest rate since August 2022, amid escalating inflation resulting from rising oil prices and tensions related to the ongoing conflict in the region. This has led to increased prospects of an interest rate hike by the Federal Reserve.
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