The economic and earnings calendar remain light, but investors will be watching U.S. producer prices Friday morning.

Producer price index (PPI) for final demand is expected to have risen 0.4% in June following a 0.4% rebound in May, according to economists polled by Bloomberg. Amid the onset of the COVID-19 pandemic, U.S. producer prices nosedived 1.3% in April for its biggest decrease since December 2009.

Food prices will be in focus when the PPI data is released following a big surge in May due to rising protein prices. In May, wholesale food prices rose 6% due to the 40% surge in meat prices. Excluding the volatile food, energy and trade services components, June producer prices are expected to have jumped 0.1% from May.

“We expect headline producer prices to see a solid 0.3% mom increase in June. However, energy will be a major tailwind as crude oil has turned higher in recent months before plateauing this month,” Bank of America wrote in a note July 2. “Excluding energy as well as food, core PPI prices are likely to be flat as price pressures in the broader economy should be mild. The labor market remains in turmoil and commodity price are trending lower across major categories according to the Commodity Research Bureau commodity indices. Excluding the volatile trade services component, ‘core core PPI’ may come in slightly better at +0.1% mom.”

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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