The economists had forecast inflation to rise from 1.8% to 2.3%.

Month-on-month, the producer price index rose 0.2%, in line with expectations.

The figures come a day after the more closely watched consumer price index showed inflation rose in October.

Inflation rose two-tenths of a percentage point to 2.6 percent for the year ended October, the Bureau of Labor Statistics reported. This marked the first rise in annual inflation in six months – a rise that was also anticipated by the forecast.

House prices pushed inflation higher, with shelter costs rising 0.4% last month in the consumer price index. Used vehicles, airline tickets and healthcare also rose in October.

The Fed’s goal is 2% inflation, and after years of rising interest rates, the central bank has begun to lower its interest rate target. But tighter inflation reports could prompt the Fed to slow its rate-cutting efforts.

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The job market has also shown some signs of sputtering recently.

The labor market aligned in October, adding just 12,000 jobs, and the unemployment rate remained at 4.1%. Investors had expected job growth to slow to 108,000, so that was a big miss.