U.S. wholesale prices barely rose last month as a sharp decline in the cost of gas offset pricier freight trucking services and mobile phone plans.
The Labor Department said Tuesday that the producer price index — which tracks cost changes before they reach the consumer — increased 0.1 percent in November from the previous month. That's down sharply from a 0.6 percent gain in October. Wholesale prices rose 2.5 percent from a year ago, the smallest annual increase this year.
Excluding the volatile food and energy categories, wholesale prices rose 0.3 percent in October and 2.7 percent from a year earlier.
FILE- In this Nov. 13, 2018, file photo fresh turkeys are ready to be packaged at Ashley Farms in Flanders, N.J. On Tuesday, Dec. 12, the Labor Department reports on U.S. producer price inflation in November. (AP PhotoSeth Wenig, File)
The figures suggest inflation pressures have subsided since late last year. That could affect the Federal Reserve's deliberations on how quickly to lift short-term interest rates in 2019.