The Labor Department reported on Thursday the U.S. producer-price index (PPI) was flat m-o-m in November, following an unrevised 0.4 percent m-o-m gain in October.

For the 12 months through November, the PPI rose 1.1 percent, the same pace as in the previous month. That remained the smallest gain in PPI since October 2016.

Economists had forecast the headline PPI would increase 0.2 percent m-o-m and 1.2 percent over the past 12 months.

According to the report, the November flat reading reflected a 0.3-percent rise in prices for final demand goods, which was offset a 0.3-percent decline in the index for final demand services.

Excluding volatile prices for food and energy, the PPI fell 0.2 percent m-o-m but rose 1.3 percent over 12 months. Economists had forecast gains of 0.2 percent m-o-m and 1.6 percent y-o-y, respectively.