By Ovunc Kutlu
ANKARA (AA) – US import prices rose 2% in January compared to the previous month, the largest increase since April 2011, the Labor Department announced Wednesday.
The market had expected a 1.3% monthly increase following a 0.4% drop in import prices in December.
"Higher fuel and nonfuel prices in January contributed to the overall increase in import prices," it said in a statement.
"Prices for import petroleum increased 9.5% in January, after decreasing 8.3% the previous month," it added.
US export prices jumped 2.9% in January after falling 1.6% in December.