U.S. producer prices picked up in October, lifted by higher costs for services like portfolio management and airline fares, more evidence that progress towards lower inflation was stalling.The report from the Labor Department on Thursday followed on the heels of news on Wednesday that consumer inflation had barely budged last month.

Annual inflation may have risen in October for the first time in seven months, a sign that price increases might be leveling off after steadily cooling for more than two years

Producer price data on Thursday might look like a setback in the last mile of the Federal Reserve’s inflation fight, but it isn’t likely to sway policymakers from a December interest-rate cut. Wholesale inflation is forecast to pick up in October after holding steady in September.

The inflation trajectory is likely favorable enough to keep the Fed on track to cut borrowing costs at its next meeting in December. The election of Donald Trump has fueled fears of inflation reigniting if he implements the tariffs he promised on the campaign trail.