The Labor Department reported on Friday the U.S. producer-price index (PPI) rose 0.3 percent m-o-m in October, following an unrevised 0.4 percent m-o-m gain in September.

For the 12 months through October, the PPI increased 0.5 percent after an unrevised 0.4 percent advance in the previous month. That was the largest advance since the 12 months ended in February.

Economists had forecast the headline PPI would increase 0.2 percent m-o-m last month and 0.4 percent over the past 12 months.

According to the report, nearly 60 percent of the October increase in the final demand index can be traced to a 0.5-percent m-o-m gain in prices for final demand goods. Meanwhile, the index for final demand services rose 0.2 percent m-o-m.

Excluding volatile prices for food and energy, the PPI edged up 0.1 percent m-o-m and jumped 1.1 percent over 12 months. Economists had forecast gains of 0.2 percent m-o-m and 1.2 percent y-o-y.