An unforeseen soar in US import prices for December post slumping for 5 consecutive months, shored up by a surge in food and gas prices implying that combating inflation will continue.

As reported by the Labor Department, December's import prices saw a bounce by 0.4% post dropping by 0.7% in November. Where analysts projected earlier a plunge by 0.95 in a poll conducted by Reuters.

On a yearly basis, import prices edged 3.5% post November's climb by 2.7%.

It is quite expected that Fed will likely continue curbing inflation due to the surge in import prices.

Consumer prices for December touched the lowest level in 30 months, inflation plunged owing to Fed's consecutive aggressive rate hikes.

December's fuel prices advanced 0.6% post 3.7% dip for November while imported food edged up by 0.4%.

On the other hand, December's export prices slipped by 2.6% , retreating for 6 months in a row. A dip in the agricultural exports by 2.4% while non-agricultural export prices edged down by 2.7% mirroring the dropped prices of the industrial supplies.