The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index dropped 0.8% in January, missing forecasts of a 0.4% decline, after a 0.2% decrease in December. December's figure was revised up from a 0.3% fall.

That was the biggest decline since November 2009.

On a yearly basis, the producer price index was flat in January, after a 1.1% rise in December.

The decline was driven by lower energy prices and a stronger U.S. dollar. Wholesale energy prices dropped 10.3% in January, while food prices fell 1.1%, the largest decrease since April 2013.

The producer price index excluding food and energy fell 0.1% in January, missing forecasts of a 0.2% increase, after a 0.3% gain in December.

On a yearly basis, the producer price index excluding food and energy climbed 1.6% in January, after a 2.1% rise in December.