US consumer price inflation slowed slightly last month, jumping 8.3 percent compared to April 2021Asian equities slumped on Thursday following Wall Street's lead, as markets churned after a key US report renewed fears of inflation and a tightening of monetary policies.
"The April inflation report came in hotter-than-expected and triggered a complete reset in Fed rate hike expectations," said Edward Moya, senior market analyst at OANDA. Americans have felt the pinch of rising food prices, including big increases in dairy and cereal products.US President Joe Biden called April's overall slow-down"heartening" -- March saw a peak of 8.5 percent -- but acknowledged inflation was still a major challenge, and said"bringing it down is my top economic priority."
The tumble filtered to Asian markets -- Seoul, Sydney, Tokyo, and Hong Kong opened Wednesday in the negatives.