The US Stock Market posted major losses Tuesday afternoon after new data shows inflation rose 8.3% in August.

“Inflation remained uncomfortably rapid in August despite a decline in gas costs as prices continued to soar across a broad array of other goods and services, evidence that the sustainable slowdown the Federal Reserve and White House have been hoping for remains elusive,” reports the New York Times.

“Prices rose 8.3 percent from a year earlier compared to 8.5 percent in July, a fresh Consumer Price Index report released Tuesday showed, a still-rapid pace of increase and not as much of a moderation as economists had expected. The disappointing data came even as falling gas prices pulled inflation lower, with rapidly rising costs for rent, health care, restaurant meals and goods such as furniture offsetting the relief consumers were feeling at the fuel pump,” adds the newspaper.

This is a developing story…