(Reuters) - Investment flows into U.S. equity funds surged to the highest in seven weeks in the week to May 12, as worries over higher inflation levels drove investors away from growth stocks in favor of cyclicals. According to Refintiv data, investors purchased a net $6.91 billion worth of U.S. equity funds, the biggest since the week ended March 24. (Graphic: Fund flows into U.S. equities bonds and money market, ) Cyclical sectors such as materials and financials lured inflows of $1.14 billion and 1.01 billion respectively, as they stand to benefit most as the economy reopens. However, technology funds recorded $1.43 billion in outflows. Growth stocks are hit the most when there are increased expectations of higher inflation and interest rates, as they lower the present value of future cash flows, making the stocks less attractive. (Graphic: Flows into U.S. equity sector funds, ) (Graphic: Fund flows into U.S. growth and value funds, ) Meanwhile, investors bought a net $4.51 billion in U.S. bond funds, the lowest in seven weeks. Concerns over higher inflation levels prompted demand for inflation-protection bonds, which lured an inflow of $1.5 billion, the highest in 10 months. Investors purchased U.S. taxable bond funds worth $3.86 billion, the smallest in seven weeks, and U.S. municipal bond funds of $592 million. (Graphic: Flows into U.S. bond funds, ) U.S. money market funds also had net buying of $5.23 billion after outflows worth $30 billion in the previous week. Reporting by Gaurav Dogra and Patturaja Murugaboopathy in Bengaluru; Editing by Steve Orlofsky Our Standards: The Thomson Reuters Trust Principles.