SYDNEY, AAP – A huge jump in US consumer prices has stoked inflation fears, with investors abandoning the Australian share market.

Information technology shares on the ASX lost 4.72 per cent after data showed US prices jumped by the most in nearly 12 years in April.

The US dollar climbed and the Aussie fell from buying about 78 US cents to 77 US cents.

The benchmark S&P/ASX200 index closed lower by 62.2 points, or 0.88 per cent, to 6982.7 on Thursday.

The All Ordinaries closed down 72.1 points, or 0.99 per cent, to 7209 points.

The Australian dollar was buying 77.22 US cents at 1625 AEST, lower from 78.08 US cents at Wednesday’s close.