Here comes CPI ...
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Economists forecast that the basket of consumer prices which measures inflation rose 0.3% month-on-month and 1.5% year-on-year, according to Bloomberg.
The number that matters the most to them right now is year-on-year core CPI, which strips out volatile food and energy costs. It's forecast at 2.3%.
The Federal Reserve prefers to measure inflation through personal consumption expenditures (PCE), a more comprehensive gauge that covers a broader range of expenses including company spending on employees.
Year-on-year, core PCE is still below the Fed's 2% target, while core CPI has surpassed it every month since November 2015.
The stronger core CPI is mostly because of a jump in shelter and healthcare costs. More Americans are using high-deductible insurance plans that translate to higher out-of-pocket medical expenses.
However, headline CPI has been contained by falling food costs.
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