Eurozone producer prices declined for the second consecutive month in May, largely reflecting weak energy prices, data published by Eurostat revealed Tuesday.

Producer prices slipped 0.1 percent on a yearly basis, after falling 0.2 percent in April. This was the second consecutive fall in prices. Economists had forecast prices to remain flat in May.

Month-on-month, producer prices fell 0.3 percent, which was slower than the 0.6 percent decline seen in April. But the rate of decline slightly exceeded the consensus forecast of 0.2 percent.

Prices in total industry excluding the energy sector increased 0.5 percent from a year ago, following a 0.6 percent rise.

Durable consumer goods gained 0.7 percent and non-durable consumer goods rose 2 percent. Likewise, capital goods increased by 0.6 percent, it said.

Meanwhile, prices in the energy sector decreased 1.8 percent and intermediate goods fell by 0.5 percent.