The U.S. Commerce Department released the producer price index figures on Tuesday. The U.S. producer price index declined 0.2% in February, in line with expectations, after a 0.1% rise in January.

The decrease was mainly driven by drops in energy and food prices. Energy prices declined 3.4% in February, wholesale food prices decreased 0.3%.

Services prices were flat in February.

On a yearly basis, the producer price index was flat in February, missing expectations for a 0.1% increase, after a 0.2% fall in January.

The producer price index excluding food and energy was flat in February, missing expectations for a 0.1% gain, after a 0.4% increase in January.

On a yearly basis, the producer price index excluding food and energy climbed 1.2% in February, after a 0.6% rise in January.

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