FXstreet.com (Barcelona) - Import prices have increased 1.7% in January in the United States lead by the rising prices of petroleum products, according to data released by the Commerce Department.

January's increase is more than two times higher the experts' forecasts who advanced an increase of around 0.5%.

On the year, import prices have risen 13.7%, that is the highest year-on-year increase on import prices since data is taken in 1992, and it follows a 10.9% yearly increase posted in December.

The main reason for these figures has been the 5.5% monthly increase in petroleum imports, excluding petroleum, all other import prices rose 0.6%.

Export prices increased 1.2%, well above December's 0.4% rise. On the year, export prices have risen 4.1%.