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US wholesale inflation shot higher last month, an unwelcome sign that some prices could be heating up before they come down the pike to consumers.
The Producer Price Index, a measurement of average price changes seen by producers and manufacturers, rose 0.4% on a monthly basis and 3% for the 12 months ended in November, marking an acceleration from October, when prices rose 0.3% and 2.6%, respectively, according to Bureau of Labor Statistics data released Thursday.
PPI is at the highest annual rate since February 2023, BLS data shows.
Economists were expecting prices to increase (rising 0.2% from October and 2.6% annually), partly due to unfavorable comparisons to this time last year, when inflation slowed sharply.
The PPI serves as a potential bellwether for retail-level inflation in the months ahead. On Wednesday, the latest Consumer Price Index landed in line with expectations but did show that some stagnation in the progress on reining in inflation.
This story is developing and will be updated.
