WASHINGTON, (Reuters) – The U.S. imported prices soared in October due to rising costs for petroleum products and food. This is a sign that inflation may remain high for a long time.

The Labor Department reported Tuesday that import prices rose 1.2% after having risen 0.4% in September. After rising 9.3% last September, the prices rose by 10.7% over the 12-month period to October. Reuters economists polled had predicted that import prices would increase 1.0%, exempting tariffs.

Last week, the government announced a wide-based increase in producer and consumer prices. The COVID-19 pandemic, which has been nearly two years in duration, is fueling inflation. This also means that global supply chains are strained due to fiscal stimulus.

Last month, imported fuel prices increased 8.6% after rising 3.9% last September. Oil prices rose 8.1% while import food costs increased 0.8%

Import prices increased 0.3%, excluding fuel and food. These core import prices, which were unaffected by fuel and food in September, were flat in October. They were also up 5.0% year-on-year in October.

According to the report, export prices increased 1.5% in Octubre after increasing 0.4% in September. The prices for agricultural exports rose 1.0%. Prices for exports other than agricultural products rose 1.5%. The largest increase in export prices since September 1983, when the series first appeared in print, was 18.0% in October. The September prices increased 16.5% over a previous year.