With fuel prices continuing to skyrocket, the Labor Department released a report on Tuesday showing another jump in U.S. import prices in the month of February.

The report showed import prices increased by 1.3 percent in February after surging up by 1.4 percent in January. Economists had expected import prices to climb by 1.2 percent.

The Labor Department said export prices also shot up by 1.6 percent in February following a 2.5 percent spike in January. Export prices were expected to increase by 0.9 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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