The U.S. Labor Department released its import and export prices data on Thursday. The U.S. import price index climbed by 1.3% in May, exceeding expectations for a 0.8% increase, after a 0.2% decline in April. It was the first rise since June 2014.

April's figure was revised up from a 0.3% decrease.

The rise was driven by higher fuel import prices, which climbed 12.7% in May.

Prices for automobiles, natural gas, nonfuel industrial supplies and capital goods declined in May.

A stronger U.S. currency lowers the price of imported goods.

U.S. export prices increased by 0.6% in May, after a 0.7% drop in April. It was the biggest gain since March 2014.