Overall, prices of imported goods including oil are climbing rapidly. The weak dollar is taking its toll and no matter how Cheney tries to spin it, the US economy can only take so many thrashings from so many directions.
Overall import prices climbed an unexpectedly steep 1.8 percent last month, more than double the revised 0.8 percent gain in September for the steepest monthly increase since a matching 1.8 percent rise in May 2006.
Costs for imported petroleum jumped 6.9 percent in October after rising a revised 4.6 percent in September. That was the largest monthly rise in imported oil prices since an 8.5 percent surge in March.
"Petroleum prices continued an upward trend over the past year, rising 41.4 percent for the 12 months ended in October," the department said.
