The U.S. Labor Department released its import and export prices data on Friday. The U.S. import price index dropped by 0.3% in March, beating expectations for a 0.4% decline, after a 0.2% increase in February.

February's figure was revised down from a 0.4% gain.

The decline was driven by a fall in prices for non-fuel imports. Non-fuel imports prices decreased 0.4% in March.

A stronger U.S. currency lowers the price of imported goods.

Petroleum import prices climbed 0.8% in March.

U.S. export prices rose by 0.1% in March, after a revised 0.2% drop in February. It was the first rise since July 2014.