Producer inflation remained too high in November, but there were signs of progress below the surface. An interest-rate cut by the Federal Reserve at its Dec. 17-18 meeting remains all but assured. The producer price index jumped by 0.

Average mortgage rates surged to around 7% last month, but they've dropped recently, with markets betting that the Federal Reserve will reduce the federal funds rate on Dec. 18.

Inflation in November rose modestly, with housing costs continuing to be a major factor in price increases. However, the Fed is expected to proceed with an interest rate cut next week.