Wholesale inflation rose by 0.3% in November, matching 0.3% inflation increases in both October and September, according to Producer Price Index data released Dec. 9 by the Bureau of Labor Statistics (BLS).
Final demand prices had declined 0.4% in July and remained stagnant in August before slightly increasing in each of the past three months, according to BLS data. For the 12-month period ending in November, the index for final demand increased 7.4%, the smallest gain since May 2021.
After increasing 0.8% in October, food prices vaulted 3.3% in November, which is the largest hike in food prices this year. Energy prices, however, went in the opposite direction, falling 3.3% in November after increasing 2.3% in October.
The data was released ahead of the Federal Reserve’s two-day policy meeting next week, during which the U.S. central bank is expected to begin reducing the size of its interest rate increases, according to media reports.