Eurostat released its retail sales data for the Eurozone on Wednesday. Retail sales in the Eurozone rose 1.1% in January, beating expectations for a 0.2% increase, after a 0.4% gain in December. December's figure was revised up from a 0.3% rise.

On a yearly basis, retail sales in the Eurozone surged 3.7% in January, after a 3.1% increase in December. December's figure was revised up from a 2.8% gain.

The increase of retail sales indicates higher household spending due to lower oil prices.