As has been confirmed by an official Government report, prices of goods imported into American managed to substantially rise during the month of January as the global economic recovery increased the costs for fuel, food and metals.

For the month of January, the import price index hiked by 1.4%, more than the figure estimated by economists, as compared to a revised 0.2% gain which was recorded for the month of December, as has been confirmed by figures released by the Labor Department.

Prices, excluding those of petroleum, surged by 0.4% over the past month, and as compared to January of 2009, the costs were up by 1.3%.

"Certainly commodity prices have bounced up, and that reflects a rebound in industrial production around the world. But is this a big inflationary problem? I wouldn't go that far", said Jay Bryson, Global Economist at Wells Fargo Securities LLC., Charlotte, North Carolina.

Over the past year, import prices have managed to rise by a total of 11.5%.