The Labor Department said on Wednesday its producer price index for final demand rose 0.3 percent last month lifted by increases in gasoline prices. The PPI rose 0.5 percent in the previous month. Year on year, the PPI advanced 3.4 percent, the largest gain since November 2011. Producer prices increased 3.1 percent year-on-year in May.
Inflation in the U.S. has risen sharply in the past year mainly due to rising oil prices, higher rents and medical costs.
The Federal Reserve's preferred inflation measure, the personal consumption expenditures (PCE) price index excluding food and energy, hit the U.S. central bank's 2 percent target in May for the first time in six years.