U.S. producer prices picked up in October, lifted by higher costs for services like portfolio management and airline fares, another sign that progress towards lower inflation was stalling.

Inflation, as measured by the producer price index, rose six tenths of a percentage point to 2.4% for the year ending in October, the Bureau of Labor Statistics reported Thursday, a troubling sign that inflation pressures remain strong.

U.S. producer prices picked up in October, lifted by higher costs for services like portfolio management and hospital outpatient care, further evidence that progress toward lower inflation was stalling.

The producer price index was expected to increase 0.2% in October, according to the Dow Jones consensus forecast.