Inflation at the wholesale level moderated more than expected in December, providing evidence that prices pressures within the U.S. economy are continuing to gradually fade.

The Labor Department said Friday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, fell 0.1% in December from the previous month. On an annual basis, prices remain up 1% – up slightly from the 0.8% recorded in November.

Those figures are both lower than the 0.1% monthly gain and 1.3% annual figure predicted by Refinitiv economists.

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