Wholesale prices nudged higher in October, though largely in line with expectations and consistent with the Federal Reserve cutting interest rates again in December, the Bureau of Labor Statistics reported Thursday.

The producer price index, which measures what producers get for their products, increased 0.2% for the month, up one-tenth of a percentage point from September though matching the Dow Jones consensus forecast. On a 12-month basis, headline wholesale inflation was at 2.4%.

Excluding food and energy, core PPI rose 0.3%, also one-tenth more than September and also matching expectations. The 12-month rate was at 3.1%.

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