Year-over-year, core inflation rose 3.3%, while analysts had expected core inflation to fall to 3.1% from 3.2%. The Dow Jones Industrial Average and other major stock market indexes fell Wednesday morning following the news.

The wide range and uneven application of import tariffs by President Donald Trump is causing unease among consumers and businesses.

Hot inflation has raised the stakes of President Trump’s plans to escalate his use of tariffs on the country’s biggest trading partners, risking even higher consumer prices and pushing back the prospects of the Federal Reserve lowering interest rates soon.