Wholesale prices rose less than expected in December but still set a new standard at a time when consumer inflation is running at a nearly 40-year high, the Labor Department said Thursday.

TheĀ producer price index, which measures prices received by producers of goods, services and construction, was up 0.2% for the month, half the 0.4% Dow Jones estimate.

However, on a 12-month basis, the index was up 9.7% to end 2021, the highest calendar-year increase ever in data going back to 2010.

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