Strong inflation data pushes S&P 500 lower

US markets fell further after inflation soared to 4.2 per cent, the highest in 13 years on Thursday. The data was influenced by new vehicle prices, which rose 0.5 per cent, likely caused by a widespread chip shortage.

Other factors were the vaccination process in the US, which is slowly normalising its economy.

Reopening has led to a 0.9 per cent month-on-month (MoM) uptick in recreation prices and a further 0.4 per cent MoM climb in food prices.