US import prices fall less than expected in February

US import prices fell less than expected in February, data from the Bureau of Labor Statistics showed.

Prices slipped 0.3% following a downwardly-revised 1% decline the month before, led by sliding fuel prices. Economists had been expecting a 0.5% drop.

Compared with the previous year, import prices were down 6.1% in February. Still, this was the smallest year-on-year decline since the index fell 5.6% in December 2014.

Both petroleum and natural gas prices contributed to the February drop, falling 4% and 6.3%, respectively.

Excluding fuel and food, import prices were up 0.1% in February from January.