Asian shares skid after hot price data point to rate hikes

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Shares are mostly lower in Asia after a sell-off on Wall Street spurred by news that inflation jumped 7.5% in January. The higher-than expected figure raised expectations the Federal Reserve and other central banks may move faster in raising interest rates to tamp down sizzling prices. Tokyo was closed for a holiday, while shares fell in Hong Kong, Sydney and Shanghai. 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.