Eurostat released its producer price index for the Eurozone on Wednesday. Eurozone's producer price index declined 1.0% in January, missing expectations for a 0.7% fall, after a 0.8% decrease in December.

Intermediate goods prices fell 0.3% in January, capital goods prices rose 0.1%, non-durable consumer goods prices were flat and durable consumer goods prices were up 0.4%, while energy prices decreased 3.2%.

On a yearly basis, Eurozone's producer price index dropped 2.9% in January, in line with expectations, after a 3.0% fall in December.

Eurozone's producer prices excluding energy fell 0.6% year-on-year in January. Energy prices dropped at an annual rate of 8.6%.