Wholesale prices increased less than expected in October, but the annual rate is the highest in nearly four years.

The producer price index, which measures the prices domestic producers get for their products before they reach the consumer, rose a seasonally adjusted 0.3%, the U.S. Bureau of Labor Statistics said on Friday. 

On an annual basis, PPI accelerated 6.5%, up 0.2 percentage points, which was the highest annual rate since November 2022.

The Dow Jones consensus forecasted a 0.4% increase for the month, CNBC reported. 

Stripping out volatile food and energy prices, the core PPI saw a 0.3% gain, which matched expectations.