The U.S. Department of Labor Reported a 0.6 percent increase on prices paid for imported goods in January. Analysts had predicted 0.7% increase for the previous month.

Fuel import prices led the way, up 2.4 percent. Building material costs also leaped 2.9 percent on the strength of U.S. homebuilding. Consumer demand is growing due to a growing sentiment of stabilization in the global economy.

Net change from one year ago is a drop of 1.3 percent in import prices.

For soft drink makers, incremental costs for major commodities, including sweeteners, metals, juices and plastics are estimated to be $100 million in 2013, down from $225 million the previous year.

Since this is the first increase in the past three months, commodity inflation is still expected to be moderate, as the global economy takes time in a cautious recovery.

The Labor Department typically follows the import price index with a producer price index (scheduled Feb. 20) and the consumer price index the next day (Feb. 21).