Data released Tuesday defied predictions that inflation might take a tumble in August.

Instead, the consumer price index saw an increase of 8.3 percent, down slightly from an 8.5 percent increase in July. Prices rose when experts had been expecting a decline, according to the Washington Examiner.

“Inflation momentum accelerated in all the wrong places,” said Blerina Uruci, an economist at T. Rowe Price, according to The New York Times.

The stock market is presently down a thousand points after inflation hit 8.3%, much worse than expected. And Joe Biden is having a celebration at the White House to praise his administration’s response to inflation. You can’t even make this up. It’s tone deaf insanity.

— Clay Travis (@ClayTravis) September 13, 2022