U.S. producer prices jumped 0.5% in June — the biggest increase in more than a year — largely owing to higher oil prices and margins for financial services. Yet inflation overall remains muted, a government report shows.

Economists surveyed by MarketWatch had predicted a 0.2% increase in the producer price index.

Wholesale prices, though often quite volatile, have been rising in 2016 after declining for much of the prior two years. In the past 12 months, the producer price index has advanced 0.3%, the first year-over-year increase since the end of 2014, the Labor Department said.

A modest rebound in oil prices this year is largely responsible for nudging wholesale inflation higher. Prices have climbed after falling in early 2016 to the lowest level in years.

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Yet overall price pressures are still on the low side, especially if the volatile food, energy and trade margin categories are stripped out. So called-core prices rose a smaller 0.3% in June.

What’s more, core prices have barely budged in 2016. They’ve risen 0.9% in the past 12 months, essentially unchanged since January. With the rise in oil prices at a halt, core inflation could move sideways for months.

The Federal Reserve wants to see inflation rise somewhat faster before it raises interest rates, but the cost of raw and partially finished goods aren’t showing a great deal of upward movement at the wholesale level, either.