Wholesale prices in the United States picked up in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.

The Labor Department reported Friday that its producer price index — which measures inflation before it hits consumers — rose 0.8% last month from July 2022. The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.

On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June. Last month’s increase was the biggest since January. An increase in services prices, especially for management of investment portfolios, drove the month-to-month increase in wholesale inflation. Wholesale meat prices also rose sharply in July.

Analysts said the July rise in wholesale prices, from the previous month’s low levels, still reflects an overall easing inflation trend.