January import prices grew 0.6% and export prices rose 0.3%, the U.S. Labor Department said Wednesday.

Economists polled by Thomson Reuters expected import prices to gain 0.7%.

In December import prices fell 0.5%, originally reported as a 0.1% decline, and export prices posted an unrevised 0.1% dip.

Petroleum imports surged 2.9% after a 2.7% drop in December, while excluding food and fuels, import prices rose 0.2% in January after a flat December.

Non-petroleum imports rose 0.1% after a 0.2% rise in December, while non-fuel imports rose 0.2% after a 0.1% slide in December.

Exports excluding food and fuels rose 0.4% after a flat December, while agricultural exports fell 1.3% and non-agricultural exports increased 0.5%.

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