Wholesale costs in the United States picked up sharply last month, signaling that price pressures are still evident in the economy even though inflation has tumbled from the peak levels it hit more than two years ago.

A report on prices paid by businesses adds to the data showing inflation is not coming down as fast as had been anticipated.

Wholesale prices rose more than expected in November, adding to a string of sticky inflation prints. Thursday's report from the Bureau of Labor Statistics showed that its producer price index (PPI) — which tracks the price changes companies see — rose 3% from the year prior,

Japan's wholesale prices increased 3.7% in November from a year earlier, data showed on Wednesday, accelerating slightly from the previous month in a sign companies continued to face pressure from rising raw material costs.

The US Labor Department has said that its producer price index - which tracks inflation before it reaches consumers - rose 0.4% last month from October, up from 0.3% the month before

U.S. import prices barely rose in November as increases in the costs of food and fuels were partially offset by decreases elsewhere, thanks to a strong dollar and suggesting that inflation pressures could subside in the months ahead.