The U.S. Import Price Index increased 2.8 percent in March, according to the U.S. Department of Labor.
The department said higher prices for both petroleum and nonpetroleum imports contributed to the increase. The rise followed 0.2 percent and 1.5 percent increases in February and January. Export prices rose 1.5 percent in March, after increasing 1.1 percent and 1.2 percent in the previous two months.
