Eurostat said in a report released on Thursday that the Eurozone producer price index (PPI) fell by 1.0% month-on-month in February, exceeding the expected value of -0.6% and the previous value of -0.9%, the highest level since May last year. The largest month-on-month decrease. On a year-on-year basis, Eurozone PPI fell by 8.3%.

Compared with the previous month, energy prices in the euro area fell by 3.5%. Intermediate product prices remained stable. Capital goods, consumer durables and consumer non-durables rose by 0.2 per cent, 0.3 per cent and 0.2 per cent respectively.

Eurozone energy prices fell sharply by 21.1% compared with the same period last year. Prices of intermediate goods fell by 5.3%, while prices of capital goods, consumer durables and non-durable consumer goods increased by 2.0%, 1.1% and 1.4% respectively.

PPI fell more than expected, which is expected to be transmitted to CPI, accelerating the cooling of inflation in the euro area. Superimposed on Powell's earlier dovish remarks, after the data was released, European stocks held steady, with most of the major stock indexes in various countries rising. The pan-European Stoxx 600 index rose slightly, and the FTSE 100 index rose by more than 0.4%.

Looking ahead, investors will focus on economic activity data from European countries and the minutes of the European Central Bank's latest policy meeting.