2020.08.1312:42:00UTC+00U.S. Import And Export Prices Climb More Than Expected In July

Import and export prices in the U.S. both increased by more than expected in the month of July, according to a report released by the Labor Department on Thursday.

The report said import prices climbed by 0.7 percent in July after surging up by 1.4 percent in June. Economists had expected import prices to rise by 0.4 percent.

The bigger than expected increase in export prices came as prices for fuel imports soared by 6.9 percent in July after skyrocketing by 21.9 percent in June.

The Labor Department said Export prices also advanced by 0.8 percent in July following a 1.2 percent jump in June.

Economists had expected export prices to climb by 0.6 percent compared to the 1.4 percent spike originally reported for the previous month.