Although the annual U.S. inflation rate fell to 8.3%, Americans are still facing painfully high costs for food, rent and other staples.
Inflation in August slowed for a second straight month, although prices remain near a four-decade high as costs for items such as food and rent continue to climb.
Stock markets soured on the report, with the S&P 500 plunging more than 3% in morning trading. The Dow lost 2.7% and the Nasdaq slid 3.9%.
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