U.S. import prices fell 0.3 percent in February, led by a drop in prices for crude oil and other petroleum products, the Labor Department reported on Tuesday.

It was the first monthly decline since July, but largely in line with the 0.2 percent drop analysts were expecting.

However, export prices fell 0.5 percent in February, despite analyst expectations that they would rise 0.3 percent.

A 3.8 percent drop in prices of agricultural exports and food, feeds and beverages helped pulled down the export price index.