The Australian Bureau of Statistics released its import and export price indexes for Australia on Thursday. The Australian import price index dropped 3.0% in the first quarter, after a 0.3% fall in the fourth quarter.

The drop was mainly driven by a fall in import prices for mineral fuels, lubricants and related materials, which plunged 22.7% in the first quarter.

On a yearly basis, the import price index decreased 0.5% in the first quarter, after a 2.5% increase in the fourth quarter.

The export price index slides 4.7% in the first quarter, after a 5.4% decline in the fourth quarter.

On a yearly basis, the import price index plunged 13.8% in the first quarter.