U.S. import prices rose far more than anticipated in February, largely driven by a sharp increase in the cost of fuel imports, according to data released Wednesday by the Labor Department.
The report showed import prices climbing 1.3% during the month, following a revised 0.6% increase recorded in January.
Economists had projected a more modest rise of 0.5%, compared with the previously reported 0.2% gain for the prior month.
Export prices also recorded a strong increase, advancing 1.5% in February after rising 0.6% in January, a figure that remained unchanged from earlier estimates.
Analysts had expected export prices to grow by around 0.5% for the month.