Wholesale prices went up by 0.3% in October, just under what experts predicted.
This bumps the yearly producer price index (PPI) to 6.5%, the highest it's been since late 2022.
The PPI basically tracks how much companies are charging for goods before they hit store shelves, so it's a key signal for where prices might be headed next.
Markets price quarter point Fed hike
The "core" PPI (which leaves out food and energy) also rose by 0.3%, matching forecasts.
These numbers matter because the Federal Reserve uses them to decide if they should tweak interest rates, something they'll be discussing at their big meeting in December.
After the report, stock futures climbed a bit while bond markets had mixed reactions, as markets are fully pricing in a quarter percentage point increase in the central bank's key overnight borrowing rate, with slight odds that the Federal Open Market Committee might opt for a half-point hike.