CPI (Consumer Price Index)
The CPI tracks changes in the price of a basket of goods and services bought by households. It is the most closely watched inflation gauge.
In the US, the CPI is released every month by the Bureau of Labor Statistics, usually at 8:30 a.m. New York time. Markets look at the monthly and yearly change, as well as “core” CPI, excluding food and energy, which better reveals the underlying trend.
In the eurozone, the equivalent is the HICP, published by Eurostat with a flash estimate early in the month. In the UK, the ONS publishes the CPI.
A CPI above consensus makes markets expect tighter monetary policy: the dollar and yields often rise, while gold and indices may fall. It is one of the most volatile releases of the month.