Wholesale costs in the United States picked up sharply last month, signaling that price pressures are still evident in the economy even though inflation has tumbled from the peak levels it hit more than two years ago.

Measured from 12 months earlier, wholesale prices climbed 3% in November, the sharpest year-over-year rise since February 2023. Excluding volatile food and energy prices, so-called core producer prices rose 0.2% from October and 3.4% from November 2023.

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.