The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index dropped 0.2% in November, missing expectations for a 0.1% fall, after a 0.2% increase in October.

On a yearly basis, the producer price index increased 1.4% in November, missing expectations for a 1.6% gain, after a 1.5% rise in October.

The decline was driven by a decline in oil prices. Wholesale gas prices dropped 6.3%, while food prices fell 0.2%.

The producer price index excluding food and energy was flat in November, missing forecasts of a 0.1% increase, after a 0.4% gain in October.

On a yearly basis, the producer price index excluding food and energy climbed 1.8% in November, exceeding expectations for a 1.5% increase, after a 1.8% gain in October.