Originally Published: 14 JUL 22 08:36 ET

By Alicia Wallace, CNN Business

(CNN) -- A leading inflation indicator surged in June, showing that prices continue to remain stubbornly high.

The Producer Price Index, a measure of the change in prices paid to US producers of goods and services, hit 11.3% in June compared to the same period a year ago, according to data released Thursday by the Bureau of Labor Statistics.

That reading is up from May's level of 10.9%, and higher than economists' expectations of 10.7% for June.

The report comes a day after the Consumer Price Index showed that price increases in June climbed 9.1%, setting a new 40-year high. Record-high gas prices drove much of that increase for the inflation gauge that tracks the year-over-year change in what consumers pay for a bundle of goods and services.

Because it captures price changes happening further upstream, the PPI is sometimes considered a leading indicator for broader inflationary trends.