U.S. import prices rose in March, advancing for the first time in eight months, as petroleum costs increased at their fastest pace since November 2007, a government report showed on Thursday. The Labor Department said import prices climbed 0.5 percent, rising for the first time since July, after falling by a revised 0.1 percent in February. That compared to market expectations for a 0.9 percent increase after a previously reported 0.2 percent decline. However, compared to the same period a year-ago, import prices were down a record 14.9 percent. Imported petroleum prices surged 10.5 percent in March, the biggest monthly increase since November 2007, after rising by 5.2 percent the prior month.

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