Industrial product prices rose 0.4% in June thanks to higher metals prices, topping estimates for a 0.1% gain and rebounding after two straight M/M declines.

Input costs were higher too, rising 2.7% versus expectations for a 0.1% decline - which would have been the fourth straight had it materialized. As highlighted previously, the jump was led by a recovery in crude oil (+8%)…

… which accounted for most of the gain (+0.8% M/M excluding energy products). With oil prices returning below $70/barrel in July, the category should weigh on input costs in the next print.