Asian shares skid as hot inflation data point to rate hikes

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — World shares have declined after a sell-off on Wall Street spurred by news that inflation jumped 7.5% in January. Benchmarks fell in London, Paris and Hong Kong and U.S. futures also were lower. Markets in Japan were closed for a holiday. Investors believe the Federal Reserve and other central banks may need to move faster in raising interest rates to tamp down sizzling prices. In New York, the S&P 500 gave back 1.8% and the yield on the 10-year Treasury topped 2% for the first time since the summer of 2019. Consumer prices rose at an annual rate of 7.5% last month, the fastest pace since 1982.