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U.S. stock index futures fell sharply on Thursday after data showed a bigger-than-expected rise in consumer prices last month, giving more ammunition to the Federal Reserve to stick to its aggressive rate-hike cycle.

The Labor Department’s consumer prices index (CPI) report showed headline CPI gained at an annual pace of 8.2% in September, compared to an estimated 8.1%. The reading was lower than an 8.3% increase in August.

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The core CPI, which eliminates volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% increase. The reading was much higher than a 6.3% rise in August.

At 8:33 a.m. ET, Dow e-minis were down 297 points, or 1.02%, S&P 500 e-minis were down 54.5 points, or 1.52%, and Nasdaq 100 e-minis were down 265.5 points, or 2.45%.

Moments before the data, Dow e-minis were up 285 points, or 0.97%, S&P 500 e-minis were up 38 points, or 1.06%, and Nasdaq 100 e-minis were up 93.5 points, or 0.86%.

Markets had briefly taken support from a report that the British government was discussing making changes to its fiscal plan that spooked global financial markets when it was announced last month. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)