The Labor Department reported Thursday that although wholesale prices fell less than anticipated in December, they still established a benchmark at a moment when overall inflation is at an almost 40-year high.

Half of the Dow Jones 0.4% estimate was met by the producer price index. This measures the prices paid to producers for goods, services, and construction.

The index rose 9.7% on a 12-month-by-12-month basis. This is the highest ever recorded data level since 2010.

Monthly gains were sharply lower than the 0.6% and 1.1% monthly gains in previous months.

Unrelated data was released Thursday showing that 230,000 initial jobless claims were filed for the week ending Jan. 8. This figure is significantly higher than the estimated 200,000, and markedly more than the previous week’s 207,000.

But, unemployment rates were lower over the long-term.

Continued claims dropped by 194,000 to 1.56million, the lowest level since June 2, 1972.

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