The U.S. Labor Department released its import and export prices data on Thursday. The U.S. import price index fell by 1.2% in December, beating expectations for a 1.4% decrease, after a 0.5% decline in November. November's figure was revised down from a 0.4% drop.

The decline was mainly driven by lower prices for fuel imports, which slid 10.0% in December.

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

U.S. export prices declined by 1.1% in December, after a 0.7% fall in November. November's figure was revised down from a 0.6% decrease.