Reflecting a jump in fuel prices, the Labor Department released a report on Wednesday showing U.S. import prices increased by more than expected in the month of May.
The Labor Department said import prices jumped by 1.1 percent in May after climbing by an upwardly revised by 0.8 percent in April.
Economists had expected import prices to increase by 0.8 percent compared to the 0.7 percent advance originally reported for the previous month.
The report also showed export prices spiked by 2.2 percent in May after surging by an upwardly revised 1.1 percent in April.
Economists had expected export prices to climb by 0.8 percent, matching the increase originally reported for the previous month.