Updated from 8:36 a.m. EST

Inflation on the wholesale level jumped in November, following a spike in October.

The government said the producer price index rose 0.5%, much more than the consensus estimate of 0.1%. Excluding food and energy costs, however, prices rose just 0.2%, as expected. Energy costs rose 1.8%, led by natural gas prices, which jumped 6.2%. Food prices rose 0.4%.

In October, the PPI rose 1.7% overall and 0.3% excluding food and energy prices. Prices for energy goods turned up 6.8%.

The PPI is up 5% in the past 12 months.

The consecutive jumps in the PPI may influence the

Fed's

thinking on interest rate policy in the months ahead, after several months of moderating, if not minimal, inflation. The central bank next week is expected to raise interest rates a quarter of a percentage point for the fifth time since late June, taking the federal funds rate up to 2.25%.