Wall Street slides as hot consumer prices data fans inflation fears

US consumer prices post largest year on year rise since 1990; technology, energy sectors lead early declines

Wall Street's main indexes fell on Wednesday as a surge in U.S. consumer prices last month deepened fears that high inflation is here to stay amid supply chain snarls.
 

The Labor Department's report also showed that in the 12 months through October the consumer price index increased 6.2%, the largest year-on-year advance since November 1990.
 

"Even though the Federal Reserve believes that inflation is transitory, the evidence is starting to add up that that's not true," said Rick Meckler, partner at Cherry Lane Investments In New Vernon, New Jersey.
 

"The Fed has made very few moves outside of what they've