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The U.S. Commerce Department released the producer price index figures on Wednesday. The U.S. producer price index rose 0.4% in May, exceeding expectations for a 0.3% gain, after a 0.2% increase in April.
The increase was mainly driven by a rise in services and energy prices.
Energy prices increased 2.8% in May, wholesale food prices increased 0.3%.
Services prices were up 0.2% in May, while prices for goods rose 0.7%.
On a yearly basis, the producer price index fell 0.1% in May, in line with expectations, after a flat reading in April.
The producer price index excluding food and energy increased 0.3% in April, exceeding expectations for a 0.1% rise, after a 0.1% gain in April.
On a yearly basis, the producer price index excluding food and energy climbed 1.2% in May, beating forecasts of a 1.0% gain, after a 0.9% rise in April.