In February, the index was down 0.2% month-to-month.
Energy prices declined 0.8% on the month in March, while capital goods prices were down 0.4%. Prices of consumer goods inched 0.1% higher, while prices of intermediate and durable goods were rather unchanged from February.
In annual terms, average industrial prices fell 1.1% in March, on the back of lower prices in the energy and intermediate capital goods sectors, the data showed.
Energy prices decreased 2.9% on the year in March, while intermediate goods were by 2.4% less expensive. Prices of capital goods edged down 0.2% from the year-earlier month, but prices in the durable and consumer goods sectors increased 1.6% and 1.5%, respectively.