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

March's figure was revised up from a 0.3% decrease.

The decline was driven by a fall in prices for non-fuel imports. Non-fuel imports prices decreased 0.4% in April. It was the second consecutive decline.

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

Fuel import prices climbed 0.7% in April.

U.S. export prices plunged by 0.7% in April, after a 0.1% rise in March.