U.S. Import Prices Climb Much More Than Expected In August

(RTTNews) - A report released by the Labor Department on Wednesday showed import prices in the U.S. increased by much more than expected in the month of August.

The Labor Department said import prices climbed by 0.7 percent in August after falling by a revised 0.3 percent in July.

Economists had expected import prices to rise by 0.3 percent compared to the 0.4 percent decrease originally reported for the previous month.

The report also said export prices rose by 0.6 percent in August after tumbling by a revised 1.4 percent in July.

Export prices were expected to increase by 0.5 percent compared to the 1.3 percent slump originally reported for the previous month.