Inflation watch: Import prices jump on higher oil

Is oil starting to feed inflation into the U.S. economy? August's import prices are flashing a mild caution sign, rising two percent on higher petroleum prices, the U.S. Labor Department announced Friday.

Import prices have now increased 7.6 percent so far in 2009, as energy prices have doubled since January. Even so, import prices are still down 15 percent over the past year. Imported fuel prices rose 9.8 percent in August. Import prices fell 0.7 percent in July.