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

Import prices in the U.S. saw another notable increase in the month of August, according to a report released by the Labor Department on Tuesday.

The Labor Department said import prices climbed by 0.9 percent in August after jumping by an upwardly revised 1.2 percent in July.

Economists had expected import prices to rise by 0.5 percent compared to the 0.7 percent increase originally reported for the previous month.

The report said export prices also rose by 0.5 percent in August following an upwardly revised 0.9 percent advance in July.

Export prices were expected to edge up by 0.4 percent compared to the 0.8 percent growth originally reported for the previous month.

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