Wholesale costs in the U.S. picked up sharply last month, a sign that price pressures are still evident in the economy even though inflation has tumbled from peak levels.

Inflation, as measured by the producer price index, rose four-tenths of a percentage point to 3% for the year ending in November, the Bureau of Labor Statistics reported Thursday. The increase in the inflation rate is more than economists had anticipated and adds to recent signs that price pressures have not yet abated as President-elect Trump prepares to take