The Labor Department reported Thursday that prices U.S. businesses paid for imports rose in May for the third month in a row as oil prices reached a 17-month high.

The import price index, a gauge of the cost of imports of finished goods and raw materials, increased 0.7% last month after a 1% rise in April, which was the biggest jump in more than two years. Excluding petroleum, import prices rose 0.1% in May-the first increase since January-after declining 0.3 % in April.

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