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A report released by the Labor Department on Thursday showed U.S. import and export prices both increased by more than expected in the month of December.
The Labor Department said import prices climbed by 0.9 percent in December after edging up by a revised 0.2 percent in November.
Economists had expected import prices to rise by 0.6 percent compared to the 0.1 percent uptick originally reported for the previous month.
The report said export prices also jumped by 1.1 percent in December following a revised 0.7 percent advance in November.
Export prices were expected to climb by 0.5 percent compared to the 0.6 percent increase originally reported for the previous month.
