Wall Street tumbles after inflation data

US stock indices declined on Tuesday following a spate of disappointing inflation data.

US consumer prices rose 8.3% in August, beating estimates of 8.1%, while still below 8.5% in the previous reading.

Core prices, excluding food and energy, rose 6.3%, above estimates of 6.1%, and above the previous reading's 5.9% increase.

Such data means the Federal Reserve is likely to increase interest rates by 75 basis points at the September meeting to control inflation. 

Dow Jones swooned 2.4% as of 14:35 GMT to 31,590, while S&P 500 shed 2.8% to 3,997, as NASDAQ gave up 3.4% to 11,849.