After the quarterly adjustment in the United States in May, the CPI increased by 1% month-on-month and expected to be 0.7%. The previous value was 0.3%, up 8.6% from the same period last year, the highest since December 1981, with an expected 8.3% and a previous value of 8.3%. Core CPI, excluding food and energy, grew 0.6 per cent month-on-month and 6.0 per cent year-on-year, both higher than expected. Us inflation is hotter than expected, putting pressure on the stock market.

After the release of the data, US stock index futures dived before the session, with Nasdaq futures and S & P 500 index futures down more than 1%, and Dow futures down 0.7%. The yield on the 10-year Treasury note rose to 3.085%, the highest since May 9.

If the CPI data meets expectations or shows a slowdown in growth, Wall Street may see it as a sign that inflation has peaked and that the Fed may need to reduce its rate hike later this year.

Olivia Rockeman, an analyst, said US inflation rose across the board in May to a 40-year high, raising expectations that the Fed would continue to raise interest rates sharply for a longer period of time.

AXS Investments CEO Greg Bassuk said that in the future, the focus of investors will be "no longer whether US inflation has reached its peak, but how long it will last".