With prices for fuel imports continuing to skyrocket, the Labor Department released a report on Thursday showing U.S. import prices surged by more than expected in the month of March.
The report showed import prices spiked by 2.6 percent in March after jumping by an upwardly revised 1.6 percent in February.
Economists had expected import prices to shoot up by 2.3 percent compared to the 1.4 percent increase originally reported for the previous month.
The Labor Department said export prices also soared by 4.5 percent in March after spiking by 3.0 percent in February. Export prices were expected to jump by 2.2 percent.
