WASHINGTON — Wholesale prices rose by 0.5% in June, spurred by a big jump in food prices and continuing increases in energy costs.

The bigger-than-expected rise, reported yesterday by the Labor Department, raised concern about possible further interest rate hikes, but Wall Street took the data calmly.

With Middle East tensions, spiking oil prices and economic uncertainty enveloping the financial markets, investors, and analysts were looking to Fed Chairman Ben Bernanke’s testimony before Congress today for clear signals on interest rates. Concern has permeated the markets that higher inflation will prompt further rate boosts by the central bank and contribute to a more severe economic slowdown.

“Overall, wholesale price inflation continues at a pace that makes the Federal Reserve uneasy, even as economic growth slows,” a professor at the University of Maryland’s business school, Peter Morici, said. “If the Fed acts too vigorously to contain inflation, it risks a recession and stagflation.”

Core inflation, excluding volatile food and energy prices, edged up just 0.2% in June, in line with market expectations.

The government also reported that wholesale food prices increased 1.4% last month, with prices for processed chickens soaring 12.1% and increases marked by eggs, fresh fruit, and dairy products.Wholesale energy prices rose 0.7%.

For wholesale prices overall, analysts had been expecting an increase in June of 0.3%.