U.S. producer prices, which suppliers charge businesses for services, supplies, and raw materials, shot up 7.4 percent in November, year on year, the U.S. labor department reported.

Prices for food and services led the gains.

While higher over the past 12 months, the rate of increase is slower than October’s 8.1 percent and the record 11.7 percent last March.

The downward trend indicates inflation may be easing, analysts said to The Wall Street Journal.

The monthly rise was 0.3 percent in November, holding steady from the previous two months.

Although a bit higher than the monthly gain through 2018 and 2019, November’s increase was well below that seen through the first six months of this year.

However, it remains too soon to celebrate inflation’s demise, chief economist Lindsay Piegza at Stifel Financial, told the WSJ.

“We’re consistently under-evaluating or under-appreciating the stickiness of inflation,” she said.

TREND FORECAST: Data is mounting that shows inflation slowing in various sectors while other prices are moving higher. Please see our trends analysis and forecast in the ECONOMIC UPDATE section of this week’s Trends Journal.  

Barring an unexpected wild card, inflation will continue to slow in tandem with the global economy and will decelerate faster in some sectors once the world enters a recession in the new year.