The producer price index for final demand dropped 0.2% last month after rebounding 0.4% in May.
Excluding the volatile food, energy and trade services components, producer prices rose 0.3% in June.
The Fed tracks the core personal consumption expenditures (PCE) price index for its 2% inflation target.
The core PCE price index increased 1.0% on a year-on-year basis in May, the smallest advance since December 2010.
June’s core PCE price index data will be released at the end of this month.
Goods prices gained 0.2% last month after jumping 1.6% in May.
The cost of services dropped 0.3% in June after falling 0.2% in the prior month.
Those healthcare and portfolio management costs feed into the core PCE price index.