The U.S. Labor Department released its import and export prices data on Tuesday. The U.S. import price index increased by 0.2% in March, missing expectations for a 1.0% rise, after a 0.4% decline in February. It was the first rise since June 2015.

February's figure was revised down from a 0.3% drop.

The rise was mainly driven by higher prices for fuel imports, which climbed 4.9% in March.

U.S. export prices were flat in March, after a 0.5% fall in February. February's figure was revised down a 0.4% decrease.