Dow drops roughly 1,300 points after disappointing inflation numbers

The Dow Jones Industrial Average dropped almost 1,300 points on Monday after the release of disappointing inflation numbers.

The metric dropped 1,276 points for a 3.94% decline overall, according to Market Watch, marking the largest single-day decline since June 2020.

The Nasdaq Composite Index meanwhile dropped 632.84 points, marking an even greater 5.16% decline.

The news follows a report from the U.S. Bureau of Labor Statistics showing that headline inflation rose 0.1% over last month while core inflation rose 0.6%. Inflation was 8.3% year over year.

Economists had predicted a 0.1% decline in overall inflation and for prices to increase at an 8.1% annualized rate.