A report released by the Labor Department on Wednesday showed U.S. import prices increased by less than expected in the month of May.
The Labor Department said import prices climbed by 0.6 percent in May after rising by a revised 0.4 percent in April.
Economists had expected import prices to jump by 1.1 percent compared to the unchanged reading originally reported for the previous month.
Meanwhile, the report showed export prices surged by 2.8 percent in May following a 0.8 percent increase in April. Export prices were expected to shoot up by 1.3 percent.
