U.S. consumer price index (CPI) inflation rose by 8.3% annually in August

 U.S. consumer price index (CPI) inflation rose by 0.1% for the month and 8.3% annually in August, the Bureau of Labor Statistics reported Tuesday, defying economist expectations that headline inflation would fall 0.1% month-on-month. Core CPI, which excludes volatile food and energy costs, climbed 0.6% from July and 6.3% from August 2021.

The reading fueled further bets from the market that the U.S. Federal Reserve will remain aggressive in its tightening of monetary policy.