US CPI/PPI - 2026-03-10

This morning's February data seems a million worlds away in light of the impacts that may show up in March thanks to the energy price surge in the wake of the Iran attack. For February, natural gas prices were among the worst culprits -- but electricity prices fell, in fact they fell the most of any single category. Whatever happens in March, we urge to you remember that CPI captures price changes, not necessarily inflation. When a price like oil rises because of an exogenous shock, that's not inflation and it shouldn't be treated that way.