The U.S. Labor Department released its import and export prices data on Tuesday. The U.S. import price index increased by 1.4% in May, exceeding expectations for a 0.7% rise, after a 0.7% gain in April. It was the largest rise since March 2012.

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

The rise was mainly driven by higher prices for fuel imports, which jumped 16.2% in May.

U.S. export prices climbed by 1.1% in May, after a 0.5% rise in April.