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The S&P 500 slid 38.54 points, or 0.8%, to close at 4,646.71 on Wednesday.
Specifically, gasoline rose 6.1% in October, sending the energy index up 4.1%, while grocery prices have climbed 5.3% year over year and the cost of food climbed 0.9% in the last month.
The rate of inflation is now nearly 31-year high and the ongoing shortages of labor and supplies might push high inflation to persist into early 2022.
Per a separate report from the Labor Department, initial jobless claims fell by 4,000 to a seasonally adjusted 267,000 for the week ending Nov 6.
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Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month.