US stocks reversed early gains to end lower on Tuesday as investors digested the newly released consumer price data.
The Nasdaq Composite Index dropped 77.31 points, or 1.02 per cent, to 7,511.01.
Over the last 12 months, the all items index rose 2.2 per cent before seasonal adjustment.
"Commodity inflation is tame, as is evident in food, fuel and auto prices. But some services, especially energy services and insurance, are keeping inflation going. Inflation was in line with expectations this morning, but the core is nonetheless creeping back toward the Fed's target," said Chris Low, chief economist at FTN Financial, in a note.
Investors also kept a close eye on the replacement of the country's secretary of state. Trump announced Tuesday on his Twitter that Rex Tillerson will no longer serve as secretary of state, and he will be replaced by Central Intelligence Agency (CIA) Director Mike Pompeo.
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