The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index rose 0.1% in January, missing expectations for a 0.2% fall, after a 0.2% drop in December.

A stronger U.S. dollar and weak global demand weigh on inflation.

The increase was mainly driven by a rise in food prices.

Energy prices declined 5.0% in January, wholesale food prices increased 1.0%.

Services prices were up 0.5% in January, while prices for goods declined 0.7%.

On a yearly basis, the producer price index decreased 0.2% in January, beating expectations for a 0.6% decrease, after a 1.0% fall in December.

The producer price index excluding food and energy rose 0.4% in January, exceeding expectations for a 0.1% gain, after a 0.1% increase in December.

On a yearly basis, the producer price index excluding food and energy climbed 0.6% in January, beating forecasts of a 0.4% increase, after a 0.3% rise in December.

These figures could mean that the Fed will delay its further interest rate hikes.