Producer prices showed slightly more pressure than expected, at plus 0.4 percent in June. Ex-food and energy, producer prices rose 0.3 percent with the core rate for this series, which excludes food, energy as well as services, also up 0.3 percent.

Showing pressure were electric power, pharmaceuticals and cigarettes. Gasoline and food, specifically eggs, contributed to the overall increase.

The gains in this series will be welcome by Federal Reserve officials who are hoping inflation will move to its 2 percent year-on-year target. But there’s a ways to go with the overall year-on-year rate far into the negative column at minus 0.7 percent and the ex-food and energy reading at only plus 0.8 percent with the preferred core that also excludes services at plus 0.7 percent.