Washington, D.C. ? Wholesale prices surged in November by the largest amount in more than three decades, led by huge increases in the cost of gasoline and new cars and trucks.

The Labor Department reported Tuesday that wholesale prices jumped 2 percent last month, the biggest advance since a similar 2 percent increase in November 1974, back during a decade when repeated oil shocks sent inflation spiraling.

Analysts, however, dismissed the latest increase as a one-month aberration. They still think the inflation threat that gripped the country earlier this year is beginning to ease.

On Wall Street, investors dismissed the bad inflation report to push stock prices to another record. The Dow Jones industrial average rose 30.05 points to a record close of 12,471.32, eclipsing the previous peak set Friday.