U.S. July import price index rises 1.7% (by Robert Schroeder)

WASHINGTON (MarketWatch) -- U.S. import prices rose by 1.7% in July, mostly on prices for imported petroleum and natural gas, the Labor Department reported Wednesday. Prices were up 21.6% over the past 12 months, the largest 12-month increase in the history of the index. Petroleum import prices climbed by 4% in the month, while natural gas prices rose by 5.8%. Excluding all fuels, import prices rose by 0.7% in July.