The U.S. consumer price index surged 8.3% in April as compared with a year ago — near the highest level in more than 40 years, official data showed Wednesday, . This reading of April, while slightly less than March’s peak was, also exceeded the Dow Jones prediction for an 8.1% rise.

Wall Street shares dropped after the U.S. Consumer Inflation data was released. The tech-heavy Nasdaq Composite lagged as it fell 3.18% to 11,364.24 while the broader S&P 500 shed 1.65% to 3,935.18. Dow Jones Industrial Average fell 326.63 Points, or 1.02% to 31,834.11.

It U.S. dollar indexThe indices that track the greenback in relation to a basket of peers were at 103.846. They are still above the 103.8 levels it dropped below earlier this week.

It Japanese yenIt traded at 129.84 dollars, which was stronger than levels higher than 130.5 this week. The Australian dollarAfter a decline in levels of $0.70, the price was $0.6931.

— CNBC’s Jeff Cox contributed to this report.