The Labor Department reported on Wednesday the U.S. producer-price index (PPI) climbed 1.0 percent m-o-m in June, following an unrevised 0.8 percent m-o-m gain in May. 

For the 12 months through June, the PPI surged 7.3 percent after an unrevised 6.6 percent jump in the previous month. That was the largest increase since 12-month data were first calculated in November 2010. since the 12 months ended November 2010.

Economists had forecast the headline PPI would increase 0.6 percent m-o-m last month and 6.8 percent over the past 12 months.

According to the report, nearly 60 percent of the June rise in the index for final demand can be traced to a 0.8-percent m-o-m gain in prices for final demand services. In addition, the index for final demand goods went up 1.2 percent m-o-m.

Excluding volatile prices for food and energy, the PPI went up 1.0 percent m-o-m and climbed 5.6 percent over 12 months (the largest advance since 12-month data were first calculated in August 2014). Economists had forecast advances of 0.5 percent m-o-m and 5.1 percent y-o-y.