The prices of U.S. imports and exports surged in October, adding to signs that the current bout of inflation, which Federal Reserve policymakers and Biden administration officials say is “transitory,” could prove to be considerably more persistent. Import prices rose 1.2 percent last month after gaining 0.4 percent in September, the Labor Department said in a Nov. 16 statement. In the 12 months through October, import prices jumped 10.7 percent, after rising 9.3 percent in September. Fuel import prices saw an explosive rise, up 8.6 percent over the month and a whopping 86.7 percent over the year in October. Export prices, too, saw a sharp run-up, growing 1.5 percent over the month and 18 percent over the year, with the latter being the largest 12-month increase in the history of the series, which dates back to 1983. While the import and export price indexes reflect inflationary trends in internationally traded products, …