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Import prices in the U.S. showed another notable increase in the month of March, according to a report released by the Labor Department on Wednesday.
The report said import prices surged up by 1.2 percent in March after jumping by 1.3 percent in February. Economists had expected import prices to climb by 1.0 percent.
The Labor Department noted import prices spiked by 4.1 percent from December to March, reflecting the largest three-month increase since May of 2011.
The report also said export prices soared by 2.1 percent in March after shooting up by 1.6 percent in February. Export prices were expected to increase by 1.0 percent.
