While fuel import prices showed a notable rebound in the month of January, the Labor Department released a report Wednesday morning showing that U.S. import prices increased by less than anticipated for the month.

The report showed that import prices rose by 0.6 percent in January following a revised 0.5 percent decrease in December. Economists had expected import prices to increase by 0.8 percent compared to the 0.1 percent drop originally reported for the previous month.

Meanwhile, the Commerce Department said export prices rose by 0.3 percent in January, matching economist estimates. The increase in export prices followed a 0.1 percent dip in December.