Where prices did climb — warehousing and transportation — points to an inventory build. Upcoming CPI will make the inflation picture clearer.

U.S. producer prices rose less than expected in December as higher costs for goods were partially offset by stable services prices, suggesting inflation remained on a downward trend after progress had stalled in recent months.

The producer price index for final demand rose 0.2% last month after an unrevised 0.4% advance in November, the Labor Department's Bureau of Labor Statistics said on Tuesday.