[ad_1]
Amazon.com, Inc. AMZN shares are trading lower by 4.87% to $129.81 Tuesday afternoon after August CPI data showed greater-than-expected US inflation. Rising inflation could weigh on consumer spending while further Fed rate hikes could drive an economic slowdown and cause consumers to cut spending on discretionary items.
What Happened?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.3% in August, down from 8.5% in July. The August CPI reading came in above average economist estimates of 8%.
Core inflation, which excludes volatile food and energy prices, was up 6.3% in August, above average economist estimates for a 6.1% gain…Read More
According to data from Benzinga Pro, Amazon has a 52-week high of $188.11 and a 52-week low of $101.26.
[ad_2]
Image and article originally from www.benzinga.com. Read the original article here.