Wholesale prices in the U.S. rose modestly in December in a reprieve from a string of elevated inflation in the final months of 2024 that have likely put off any further reductions soon in interest rates.

The producer price index was expected to increase 0.4% in December, according to the Dow Jones consensus estimate.

US wholesale inflation unexpectedly cooled in December, helped by a drop in food costs and flat services prices that may help temper concerns of lingering price pressures.