The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index rose 0.2% in April, missing expectations for a 0.3% rise, after a 0.1% drop in March.

The increase was mainly driven by a rise in services prices.

Energy prices increased 0.2% in April, wholesale food prices decreased 0.3%.

Services prices were up 0.1% in April, while prices for goods rose 0.2%.

On a yearly basis, the producer price index was flat in April, after a 0.1% decline in March.

The producer price index excluding food and energy increased 0.1% in April, in line with expectations, after a 0.1% fall in March.

On a yearly basis, the producer price index excluding food and energy climbed 0.9% in April, after a 1.0% rise in March.

These figures could mean that the Fed will raise its interest rate cautiously and gradually.