The Labor Department reported Tuesday that its producer price index — which tracks inflation before it hits consumers — rose 0.2% last month from November, down from a 0.4% gain the month before. Compared with a year earlier, producer prices rose 3.3%, biggest jump since February 2023 and up from a 3% gain in November.

Wholesale prices rose less than expected in December, a positive sign for the economy amid recent market fears that inflation isn't falling as quickly as hoped to the Federal Reserve's 2% target.