The prices of goods and services charged by U.S. businesses rose by less than expected in May, adding to the evidence that President Trump’s tariffs are not putting upward pressure on inflation.

The producer price index for final demand ticked up 0.1 percent last month, half of what economists had forecast. Core producer prices, a metric which excludes food and energy, also rose 0.1 percent, one-third of the 0.3 percent increase forecast by economists. If trade services, a measure of retail and wholesale margins, is also excluded, prices still rose by just 0.1 percent.

Compared with a year ago, the producer price index is up 2.6 percent and the core index is up three percent. The super-core index that excludes trade services is up 2.7 percent.