Canada's main stock index fell on Wednesday, tracking a dip a dip in Wall Street following a surge in US consumer prices, with gains in miners cushioning the declines to some extent.

At 9:44 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was down 45.84 points, or 0.21%, at 21,548.68, after hitting a new closing high in the previous session.

US consumer prices recorded their largest year-on-year advance since November 1990, raising concerns that inflation could remain uncomfortably high as global supply chain disruptions persist.

"This is obviously going to increase speculation that the Canadian (inflation figures) could do the same when they're released next week," said Stephen Brown, senior economist at Capital Economics.

"So even if there was a bit of repricing with regards to Fed, there could also be a similar repricing with regards to the Bank of Canada."

With inflation running hot, it could add more speculation that the US Federal Reserve may be forced to rework its timeline on stimulus tapering and interest rate hikes.

TSX retreats from record closing peak as healthcare stocks slip

The energy sector shed 1.4% and was the biggest drag on the index as crude prices eased ahead of a US inventory report.

But limiting a steeper decline in the index was a 1.4% gain in the materials sector, which includes precious and base metals miners and fertilizer companies, fueled by a near 2% rally in gold, considered a hedge against rising prices.

The Canadian equity index had soared to new highs in recent weeks powered by higher commodity prices and buoyant corporate profits.

Highlights

Boyd Group Services Inc, down 11%, was the largest percentage decliner on the index after the company reported third quarter adjusted profits below estimates.

The TSX posted seven new 52-week highs and one new low.

Across all Canadian issues there were 46 new 52-week highs and seven new lows, with total volume of 49.16 million shares.