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Annual inflation in the United States fell to 8.3% in August from 8.5% in July, according to data released Tuesday by the Labor Department. Analysts, however, had predicted that inflation would drop to 8.1%.
Shares had risen in the previous days and the US dollar had fallen as investors hoped that a slowdown in price growth would allow the US Federal Reserve (FRS) to move away from aggressive interest rate hikes as a means of curbing inflation.
According to the US Department of Labor, consumer prices in the country rose 0.1% in August from the previous month, after having remained flat in July.
The data also showed that annual inflation in the United States, excluding food and energy prices, was 6.3% in August, up from 5.9% in July and June.
On Tuesday the Dow Jones Industrial Average fell 3.9% to 31,104.97, the Standard & Poor’s 500 fell 4.3% to 3,932.69 and theNasdaq Composite “decreased 5.2% to 11,633.57 points.
London’s FTSE 100 fell 1.2% to 7,385.86 on Tuesday, while that of Frankfurt DAX 30 fell 1.6% to 13,188.95 points, while the Paris Stock Exchange’s CAC 40 index fell 1.4% to 6,245.69 points.
WTI crude oil fell 0.5% to $ 87.31 a barrel in e-commerce on the New York Stock Exchange on Tuesday. The price of “Brent” crude on the London stock exchange fell by 0.9% to $ 93.17 a barrel.
The euro fell from $ 1.0120 to $ 0.9974 per euro on Tuesday, the British pound fell from $ 1.1680 to $ 1.1500 per pound on Tuesday, and the dollar rose against the Japanese yen from 142.82 at 144.43 yen per dollar. The euro rose against the British pound from 86.64 to 86.74 pence per euro.
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