Shares of e-commerce platform Shopify (NYSE:SHOP), and other growth stocks, might remain under pressure as U.S. inflation data continues to spook investors. The U.S. Consumer Price Index (CPI) rose 0.1% in August compared to the prior month, as higher food and shelter costs offset a decline in gas prices. August's CPI was up 8.3% on a year-over-year basis. High inflation numbers reaffirm the Federal Reserve’s hawkish stance to hike interest rates to tame inflation. Rising interest rates don’t bode well for growth companies, like Shopify, and might pull down its stock further.
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