15.07.202012:39:00UTC+00U.S. Import And Export Prices Both Surge Up 1.4% In June

With fuel prices continuing to skyrocket, the Labor Department released a report on Wednesday showing U.S. import prices surged up by more than expected in the month of June.

The report said import prices shot up by 1.4 percent in June after climbing by a downwardly revised 0.8 percent in May.

Economists had expected import prices to jump by 1.0 percent, matching the increase originally reported for the previous month.

The Labor Department said export prices also soared by 1.4 percent in June after rising by a downwardly revised 0.4 percent in May.

Export prices were expected to climb by 0.8 percent compared to the 0.5 percent increase originally reported for the previous month.