Oil Costs Lead Price Surge of Imports

Prices of goods imported into the U.S. in March rose at the fastest pace in 11/2 years, led by a surge in oil costs that may restrain consumer spending and economic growth.

The 1.1% increase in the import price index, reflecting the biggest gain in energy costs since April 1999, followed a 0.1% drop in February, the Labor Department said.

In a separate report, the department said initial jobless benefit claims fell by 55,000 to 438,000 in the week ended Saturday. The four-week moving average, a more reliable measure of employment conditions because it irons out weekly gyrations, rose to 433,750, the highest level since December, from 424,000 the previous week.