A report released by the Labor Department on Friday showed a bigger than expected increase in U.S. import prices in the month of August as well as a much bigger than expected surge in U.S. export prices.
The Labor Department said import prices climbed by 0.5 percent in August after a downwardly revised 0.1 percent uptick in July.
Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent increase originally reported for the previous month.
Meanwhile, the report said export prices spiked by 1.3 percent in August after climbing by a downwardly revised 0.5 percent in July.
Economist had expected export prices to increase by 0.3 percent compared to the 0.7 percent advance originally reported for the previous month.
