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Stubborn inflation weighs on US and global markets

Phoenix is seeing the highest inflation in the nation.
Phoenix is seeing the highest inflation in the nation.(Pexels)
Published: May. 12, 2022 at 8:17 AM EDT
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NEW YORK (AP) _Wall Street is pointing toward another down day with global markets falling sharply on more bad inflation data.

Futures for the S&P 500 are 0.5% lower and the Dow is down 0.3% a day after a U.S. government report showed inflation remains close to a four-decade high. Economists expect U.S. data being released Thursday will reveal that the costs of goods before they reach consumers, called producer prices, continue to rise.

Those costs can be passed on to consumers as companies are forced to cover higher expenses.

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