The Labor Department reported on Tuesday the U.S. producer-price index (PPI) rose 0.8 percent m-o-m in May, following an unrevised 0.6 percent m-o-m increase in April.

For the 12 months through May, the PPI climbed 6.6 percent after an unrevised 6.2 percent surge in the previous month. That was the largest increase since 12-month data were first calculated in November 2010. 

Economists had forecast the headline PPI would increase 0.6 percent m-o-m last month and 6.3 percent over the past 12 months.

According to the report, nearly 60 percent of the May advance in the index for final demand can be traced to a 1.5-percent m-o-m jump in prices for final demand goods. In addition, the index for final demand services went up 0.6 percent m-o-m.

Excluding volatile prices for food and energy, the PPI went up 0.7 percent m-o-m and climbed 4.8 percent over 12 months (the largest advance since 12-month data were first calculated in August 2014). Economists had forecast gains of 0.5 percent m-o-m and 4.8 percent y-o-y.