The U.S. Labor Department released its import and export prices data on Thursday. The U.S. import price index plunged by 1.8% in August, missing expectations for a 1.6% decrease, after a 0.9% decline in July. It was the largest fall since January.

The decline was mainly driven by lower fuel import prices, which dropped 14.2% in August.

Imported food prices were up 0.3% in August, while prices for imported capital goods decreased 0.2%.

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

U.S. export prices declined by 1.4% in August, after a revised 0.4% fall in July. July's figure was revised down from a 0.2% decline.