July CPI Won't Capture the Oil Spike — That Hits Later

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