U.S. producer prices increased a bit more than expected in November, but the underlying trend in inflation is moderating, which could allow the Federal Reserve to slow its pace of interest rate hikes next week.

The producer price index for final demand rose 0.3% last month, the Labor Department said on Friday. Data for October was revised higher to show the PPI gaining 0.3% instead of 0.2% as previously reported. In the 12 months through November, the PPI increased 7.4% after advancing 8.1% in October.

Economists polled by Reuters had forecast the PPI climbing 0.2% and rising 7.2% year-on-year.

[Still too hot, and coming down too slowly. It’s not going to deflect the Fed from their rate increases. — Ed]