Some experts had predicted the figures would show raw material and fuel costs rising at their fastest rate in more than 20 years.
Today's figures showed that factory gate prices - the amount charged by manufacturers for their goods - rose by 0.3 per cent on the month, less than the 0.4 per cent expected.
HSBC economist John Butler said the figures should reduce concerns about an inflation problem in the UK.
He said: 'Overall, this is an important set of data. It shows that the oil price shock is coming through but falls in other costs imply that inflationary pressures remain well contained.'
Dominic Walley, managing economist at the Centre for Economics and Business Research, said the inflationary pressure being built up by high oil prices was expected and factored into calculations by the Bank of England.
He said: 'The markets will not interpret this as changing the future trajectory of interest rates and we expect them to be largely unaffected.'
The ONS is due to release inflation data for the month of August tomorrow.