The U.S. Labor Department released its import and export prices data on Thursday. The U.S. import price index increased by 0.4 percent in February, beating expectations for a 0.2% rise, after a 3.1% drop in January. That was the first increase in eight months.

January's figure was revised down from a 2.8% decrease.

Import prices increased as oil prices have mostly stabilized. Petroleum import prices surged 8.1% in February.

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

Prices of goods imported from the European Union declined 1% in February, prices of Chinese imports decreased 0.2%.

Prices of imports from Canada, Mexico and Latin American countries increased in February.

U.S. export prices declined by 0.1% in February, after a revised 1.9% drop in January.