Inflation at the wholesale level moderated more than expected in November, the latest sign that high consumer prices are beginning to loosen their stranglehold on the U.S. economy.

The Labor Department said Wednesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, was unchanged in November from the previous month. On an annual basis, prices remain up 0.9% – a sharp drop from the 1.3% recorded in September.

Those figures are both lower than the 0.1% monthly gain and 1% annual figure predicted by Refinitiv economists.

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