The sell-off in the U.S. stock market accelerated on Thursday evening ahead of Friday’s highly anticipated U.S. consumer price data, just days before the Federal Reserve meets to decide on its next move on interest rates and monetary tightening.

Investors are hoping that the consumer price index for May, released on Friday, will show signs that inflation has peaked and is beginning to fall.

The Fed’s action came after a signal from the European Central Bank on Thursday that it was ready to raise next month’s rate by a quarter-point and make another similar or larger move in September.

Hopes for lower inflation in the U.S. may be dashed because of persistently high gasoline prices that are hurting American households and businesses alike.

Fuel isn’t the only cost item for businesses that remains high. Stitch Fix has become the latest company to announce plans to lay off salaried employees due to increased costs for everything from supply chain to marketing.

Here are 3 events that could impact the market on Friday:

1. Consumer prices

US consumer price index (CPI) data will be released at 08:30am ET (12:30pm GMT). Analysts expect it to rise 0.7% in May and 8.3% for the year ending in May. That compares with growth of 0.3% in April and 8.3% for the year. Core CPI, which excludes volatile food and fuel prices, is expected to rise 0.5% for the month and 5.9% for the year, compared with April’s 0.6% and 6.2% year-over-year increases in the previous release.

2. Gas prices

According to GasBuddy, gasoline prices, which as of Thursday topped $5 per gallon, aren’t helping with inflation in the U.S. either. It’s already much higher in some major cities. Analysts are watching to see if the persistently high gasoline prices will lead to a drop in demand as the summer vacation season is about to begin.

3. Consumer sentiment from the University of Michigan

On Friday at 10:00 AM ET (14:00 GMT), the June consumer sentiment data from the University of Michigan will be released. Analysts are expecting a reading of 58, down slightly from the previous reading of 58.4.