The U.S. Commerce Department released the producer price index figures on Thursday. The U.S. producer price index dropped 0.3% in December, in line with expectations, after a 0.2% decrease in November. That was the biggest decline since October 2011.

On a yearly basis, the producer price index increased 1.1% in December, missing expectations for a 1.2% gain, after a 1.4% rise in November.

The decline was driven by a decline in oil prices. Gasoline prices dropped 14.5%, while food prices fell 0.4%.

The producer price index excluding food and energy gained 0.3% in December, beating forecasts of a 0.1% increase, after a flat reading in November.

On a yearly basis, the producer price index excluding food and energy climbed 2.1% in December, exceeding expectations for a 2.0% increase, after a 1.8% gain in November.