July CPI Won't Reflect the Latest Oil Rally — That Hit Comes Later

July CPI, released August 12, is expected to show 3.4% year-over-year inflation, per Reuters — down from 3.5% in June. But Brent crude climbed to $83.20 on August 11 after Iran said the Strait of Hormuz stays shut. July's data closed before that surge. The oil-driven inflation hit lands in August and September CPI, due September 11 and October 14.