Seasonally adjusted U.S. producer prices rose 0.5% month over month in May, exceeding analysts' consensus estimate of a 0.3% increase and more than April's 0.1% growth, the U.S. Bureau of Labor Statistics said.

The index for final demand services rose 0.3%, while prices for final demand goods rose 1.0%. Excluding food, energy and trade services, the final demand index was up 0.1% in May, the same rate as that in April.

On an unadjusted basis, the final demand index gained 3.1% for the 12 months that ended in May, its largest annual increase since January 2012.