US import prices fell in March, the government said Friday, as rising petroleum costs were offset by declining prices for other goods.

The Labor Department reported that import prices decreased 0.3 percent last month after a downwardly revised 0.2 percent gain in February.

Economists had forecast import prices falling 0.3 percent after a previously reported 0.4 percent increase in February, when prices advanced after declining for seven straight months, according to Reuters.

In the 12 months through March, prices plunged 10.5 percent, the largest drop since September 2009.