The Labor Department on Tuesday reported an 8.3% year-over-year increase in the consumer price index for August, which sent the SPDR S&P 500 (NYSE:SPY) and the Invesco QQQ Trust (NASDAQ:QQQ) spiraling lower.
The headline CPI rose 8.3% in August, down from 8.5% in July, according to data from the U.S. Bureau of Labor Statistics. The August CPI reading came in above average economist estimates of 8%.
