The U.S. Labor Department released producer prices on Wednesday. The U.S. producer price index rose 0.4% in June, exceeding expectations for a 0.2% increase, after a 0.2% decline in May.

On a yearly basis, producer prices climbed 1.9%, beating forecasts of a 1.8% rise, after a 2.0% gain in May.

Food prices dropped 0.2%. That was a second straight month decline. Gasoline prices rose 6.4%. That was the largest increase since September 2012.

Producer price index excluding food and energy climbed 0.2% in June, missing expectations for a 0.3% gain, after a 0.1 fall in May.

On a yearly basis, the PPI excluding food and energy gained 1.8%, exceeding expectations for a 1.7% rise, after 2.0% increase May.