The yearly pace of inflation declined slightly to 8.3% in August, the Labor Department said. But the core Consumer Price Index, which is considered a better measure of long-term trends, showed a larger-than-expected increase, rising 6.3% compared to a year ago.
U.S. stocks nosedived Tuesday after a surprising inflation report showed prices rose more than expected last month.
The Bureau of Labor Statistics released the Consumer Price Index (CPI) for August early Tuesday, which showed prices rose 8.3% over the prior year and 0.1% over the prior month. Economists had expected an 8.1% increase in inflation over last year and a decline of 0.1% over the prior month. Just a thought.
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