In May, US inflation flared up further, weighing down the hopes of those who hoped that the jump in prices had tested the peak.
Dow Jones futures slide 250 points after release, discounting the prospect of further Fed rate hikes set to remain aggressive as soaring prices continue to besiege the economy.
Fears of stagflation depress global equities, as has been happening for several sessions.
Inflation measured by the consumer price index rose by 8.6%, on an annual basis, compared to + 8.3% in April and over the + 8.3% estimated by the consensus. Still on an annual basis, core inflation slowed down, growing by 6% on an annual basis, against the previous + 6.2% but over the expected + 5.9%.
On a monthly basis, the US CPI consumer price index grew by 1%, well above + 0.3% the previous month and above the + 0.7% forecast. Core inflation advanced by 0.6%, over the expected + 0.5% and at the same pace as in April.