CPI Preview: Biggest Jump In Headline Inflation In 14 Months

The inflation party is over: after headline CPI dropped from a banana-republic-esque 9% last June to "only" 3% this summer, it finally rebounded in July to 3.2% and is about to rise higher (perhaps sharply higher) in the coming months.

Indeed, if consensus is right, tomorrow's headline CPI will print at +0.61% vs just +0.17% previously, its largest monthly increase in 14 months (since June 2022)...