The U.S. Labor Department released its import and export prices data on Friday. The U.S. import price index fell by 1.1% in January, beating expectations for a 1.4% decrease, after a 1.1% decline in December. December's figure was revised up from a 1.2% drop.

The decline was mainly driven by lower prices for fuel imports, which slid 13.4% in January.

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

U.S. export prices declined by 0.8% in January, after a 1.1% fall in December.