RTTNews - Friday morning, the Labor Department released its report on import and export prices in the month of May, showing another notable increase in import prices amid a jump in the prices of petroleum imports.

The report showed that import prices rose 1.3 percent in May following a revised 1.1 percent increase in April. The continued increase in prices was largely due to an 8.3 percent increase in petroleum import prices.

Additionally, the Labor Department said that export prices rose 0.6 percent in May after edging up 0.4 percent in the previous month. A 3.6 percent increase in the prices of agricultural exports contributed to the moderate increase.

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