Wholesale-level inflation heated up further to close out 2024, a sign that price pressures are building at a time when President-elect Donald Trump threatens to unleash a substantial array of tariffs.

The report from the U.S. Bureau of Labor Statistics could help ease market concerns that inflation is proving stubborn.

US wholesale inflation unexpectedly cooled in December, helped by a drop in food costs and and flat services prices that may help temper concerns of lingering price pressures. The producer price index rose 0.

Wholesale prices in the U.S. rose modestly in December in a reprieve from a string of elevated inflation in the final months of 2024 that have likely put off any further reductions soon in interest rates.

India's wholesale inflation accelerated in December to 2.37% year-on-year, from 1.89% in November, government data showed on Tuesday, but in line with market expectations.