U.S. import prices increase more than expected

A tug boat passes the the CSCL Bohai Sea cargo ship docked at the Port of Oakland in Oakland, California.

David Paul Morris | Bloomberg | Getty Images

U.S. import prices rebounded more than expected in May, which could further diminish fears of deflation as the economy battles a recession.

The Labor Department said on Friday import prices rose 1.0% last month after an unrevised 2.6% drop in April. Economists polled by Reuters had forecast import prices, which exclude tariffs, increasing 0.6% in May.

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