The Labor Department released a report on Wednesday showing import prices in the U.S. increased by slightly less than expected in the month of February.
The report showed import prices jumped by 1.4 percent in February after surging by a downwardly revised 1.9 percent in January.
Economists had expected import prices to shoot up by 1.5 percent compared to the 2.0 percent spike originally reported for the previous month.
Meanwhile, the report showed export prices soared by 3.0 percent in February after leaping by a downwardly revised 2.8 percent.
Export prices were expected to jump by 1.6 percent compared to the 2.9 percent surge originally reported for the previous month.