U.S. Import Prices Surge Much More Than Expected In May

(RTTNews) - A report released by the Labor Department on Tuesday showed import prices in the U.S. shot up by much more than expected in the month of May.

The Labor Department said import prices jumped by 1.9 percent in May after leaping by an upwardly revised 2.0 percent in April.

Economists had expected import prices to increase by 1.0 percent compared to the 1.9 percent jump originally reported for the previous month.

The report said export prices also shot up by 1.3 percent in May after spiking by an upwardly revised 3.5 percent in April.

Export prices were expected to jump by 1.2 percent compared to the 3.3 percent surge originally reported for the previous month.