U.S. Import Prices Jump 1.4% In May

(RTTNews) - Reflecting another substantial increase in fuel prices, the Labor Department released a report on Tuesday showing that U.S. import prices surged up by much more than expected in the month of May.

The report said import prices jumped by 1.4 percent in May after climbing by an upwardly revised 0.7 percent in April.

Economists had expected import prices to rise by 0.8 percent compared to the 0.3 percent increase originally reported for the previous month.

The Labor Department said export prices also shot up by 1.1 percent in May following a 0.5 percent advance in April. Export prices had been expected to edge up by 0.2 percent.