Stocks dropped on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low.

The Dow Jones Industrial Average shed 690 points, or 2.1%. The S&P 500 fell 2.5%, while Nasdaq Composite sank 3.1%.

The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.