CHICOPEE Mass. (WWLP) – The Dow Jones had its worst day since June 2020 on Tuesday.

A new report that inflation remains a heavy burden for American households shows that consumer prices surged 8.3% in August, compared with this time last year. Costs were driven by increases in food, shelter and medical care services, offsetting a sharp decline in gasoline prices. 22News spoke to Matt Farkas from St. Germain Investments as many worry about what’s to come in the coming months.

Matt Farkas said, “Generally speaking, it’s not a good idea to make an emotional decision and react to one days trading and make decisions based off that. Investments work best for folks who have a long term plan and stick to that plan. Regards to inflation, this report was lower than the June report and July so inflation is heading lower. It’s just not at the pace we all would like.”

Markets are expecting the Fed to enact a 0.75 percentage point rate increase at its meeting next week.