BANGKOK (AP) — Shares were mostly higher in Asia on Friday after the S&P 500 index notched another record high despite a surge in U.S. consumer prices in May.

Shanghai fell, Tokyo was flat, while shares rose in Hong Kong, Seoul and Sydney.

On Thursday, Wall Street logged gains while bond yields mostly fell despite the much-anticipated report showing consumer prices rose 5% in May, the biggest year-over-year increase since 2008 and more than economists had expected.

Investors also reacted positively to more data that showed continued improvement in the labor market.

The worry is that if signs of inflation persist, central banks may move to withdraw stimulus from the economy to ease price pressures.

But investors are still buying into the Federal Reserve’s stance that the current bout of inflation is transitory, said Jeffrey Halley of OANDA.

Financial markets have long raised a selective use of facts to an art form,” Halley…

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