A report released by the Labor Department on Friday showed U.S. import prices increased by slightly more than expected in the month of April.
The Labor Department said import prices climbed by 0.7 percent in April after surging by an upwardly revised 1.4 percent in March.
Economists had expected import prices to increase by 0.6 percent compared to the 1.2 percent jump originally reported for the previous month.
A 0.7 percent rise in non-fuel import prices and a 0.5 percent increase in fuel prices both contributed to the overall advance in import prices.
The report showed export prices also advanced by 0.8 percent in April following a 2.4 percent spike in March. Export prices were expected to rise by 0.6 percent.
The Labor Department said a 0.9 percent increase in non-agricultural prices and a 0.6 percent rise in agricultural prices both contributed to the April increase in export prices.
Compared to the same month a year ago, import prices in April were up by 10.6 percent and export prices were up by 14.4 percent.
"Soaring commodity prices and strong base effects will continue to boost import prices in the coming months," said Kathy Bostjancic, Chief U.S. Financial Economist at Oxford Economics.
She added, "However, the acceleration in import inflation should be temporary and trend lower in the second half of the year."
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