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U.S. Import Prices Jump More Than Expected In January

The Labor Department released a report on Thursday showing U.S. import prices increased by more than expected in the month of January.

The report said import prices surged up by 1.4 percent in January after climbing by an upwardly revised 1.0 percent in December.

Economists had expected import prices to jump by 1.0 percent compared to the 0.9 percent advance originally reported for the previous month.

Meanwhile, the Labor Department said export prices shot up by 2.5 percent in January after spiking by an upwardly revised 1.3 percent in February.

Export prices were expected to increase by 0.7 percent compared to the 1.1 percent jump originally reported for the previous month.

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