Stock Market Today: Hotter-Than-Expected Inflation Data Keeps Lid on Stocks


Stocks ended the week on a down note following a disappointing reading on inflation. The Labor Department said earlier that the producer price index (PPI), which measures what suppliers are charging businesses and other customers for goods and services, was up 7.4% year-over-year in November and 0.3% month-over-month. Ahead of next week’s Fed meeting, investors were hoping for a bigger sign that inflation is easing, and that was reflected in today’s price action. 

Diving deeper into today’s PPI update, the yearly increase was lower than the 8.1% annual jump seen in October, while the monthly rise matched the previous report. Both November readings were higher than economists were expecting, however. The bulk of the gains came from rising food prices, which were up 3.3% over October. On the flip side, energy prices were down 3.3% from the month prior.

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