With higher fuel prices offset by declining non-fuel prices, the Labor Department released a report on Thursday showing that U.S. import prices unexpectedly came in flat in August.

The report said import prices were unchanged in August after ticking up 0.1 percent in July. Economists had been expecting import prices to rise by about 0.5 percent.

Meanwhile, the Labor Department said export prices fell by 0.5 percent in August following a 0.1 percent drop in the previous month. Export prices had been expected to edge up by 0.1 percent.