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.