By Tuba Ongun
US import and export prices rose in June, more than market forecasts, according to data released Friday by the Labor Department's Bureau of Labor Statistics.
Prices for US imports climbed 0.5% last month, after ticking up 0.1% in July. The figure rose faster than expectations of a 0.3% gain.
"The August advance was led by higher fuel prices," the bureau said in a statement.
Export prices jumped 1.3% in August, following a 0.5% rise in the prior month. The figure also came in higher than expectations of a 0.4% increase.
"The August rise was the largest 1-month advance since the index increased 2.7 percent in May 2022," read the statement.
On an annual basis, however, prices for US imports and exports fell 3% and 5.5%, respectively, in August, according to the Bureau of Labor Statistics.