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Dec 12, 8:37 AM EST

US wholesale prices up 0.4 percent in November, led by big spike in gasoline prices



WASHINGTON (AP) -- Prices at the wholesale level rose 0.4 percent in November and 3.1 percent over the past year. It was the biggest annual jump in nearly six years and reflected a big spike in the price of gasoline and other energy products.

The Labor Department says last month's increase in the producer price index, which measures inflation pressures before they reach the consumer, marked the third straight month that wholesale prices have risen by 0.4 percent. The 3.1 percent rise from November 2016 was the biggest 12-month gain since a matching 3.1 percent increase for the 12 months ending in January 2012.

Core inflation, which excludes volatile energy and food prices, was up 0.3 percent in November and 2.4 percent for the past 12 months, a more benign reading on inflation.

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