The 0.5 percent increase from the previous month compares with analysts' average forecast of 1.1 percent, according to Bloomberg.
Excluding food and energy, the increase was 0.1 percent, also below analysts' forecasts, which averaged 0.4 percent.
Producer prices are reported after last week's inflation spike, when the rise was the highest in almost four years as a consequence of soaring gasoline prices in connection with the Iran war.
