(RTTNews) - The Labor Department released a report on Thursday showing a substantial increase by import prices in the U.S. in the month of April.
The report said import prices shot up by 1.9 percent in April after climbing by an upwardly revised 0.9 percent in March.
Economists had expected import prices to jump by 1.0 percent compared to the 0.8 percent increase originally reported for the previous month.
Meanwhile, the Labor Department said export prices spiked by 3.3 percent in April after surging by a downwardly revised 1.5 percent in March.
Export prices were expected to shoot up by 1.1 percent compared to the 1.6 percent leap originally reported for the previous month.
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