Economic Report: U.S. inflation rate leaps to 8.5%, CPI shows, as higher gas prices slam consumers

The consumer price index is expected to show a 1.1% increase, according to economists polled by The Wall Street Journal. It would the largest increase since Hurricane Katrina in 2005. The core CPI that excludes food and energy is seen rising 0.5%. The 12-month rate of increase in the main CPI is forecast to move up to 8.4% from 7.9% and stay at a 40-year high. The report will be released at 8:30 a.m. Eastern by the Bureau of Labor Statistics.

In premarket trades, the Dow Jones Industrial Average
DJIA,
-1.19%
and S&P 500
SPX,
-1.69%
index were set to rise slightly in Tuesday trades. Bond yields
TMUBMUSD10Y,
2.734%
dipped.