..the news was distressing for investors
The Consumer Price Index, considered the benchmark gauge of U.S. inflation, rose 0.8 percent in July. Economists had forecast a rise of half that rate. In June, prices rose 1.1 percent. The index surveys prices of a basket of common consumer goods, among them toothpaste, prescription drugs, airfares and the cost of dining out.
Because food and energy prices can be highly volatile from month to month, the Labor Department also calculates a so-called core price index, which strips out those costs. In July, core consumer prices rose 0.3 percent, reaching a 2.5 percent annual rate.
..and, lastly, this:
The Fed has signaled repeatedly that it has no plans to lower interest rates, given the threat that inflation poses to the economy. Lowering rates could stimulate more economic activity, but such a move would risk inflating prices further.
The link for the article is here, but if you google the title in the google news facility you can find different versions of it with the emphasis differing.