July CPI Release Wednesday Will Test Whether April's 3.3% Inflation Spike Was a One-Off

U.S. July consumer price index data lands August 12, per a WSJ preview published August 7. The report follows an April reading of 3.3% year-over-year — the largest annual increase in months — up sharply from 2.4% in January 2026. Bond and currency markets are focused on whether that spike signals renewed inflation or a temporary distortion.