Another monster number. 
Welcome to the Know the Difference Minute for Wednesday, July 13th. 
We figured the Consumer Price Index wasn’t heading back down—the estimate was for 8.8%.
Instead, a 9.1% number landed. Officially, it’s a new pandemic-era peak and the highest level in more than 40 years.  
It’s the usual suspects. Gasoline up nearly 60%. Electricity and natural gas up 13.7% and 38.4%. Overall, energy prices rose by over 41% year-over-year. 
Food and energy costs fluctuate quickly. The number the Fed pays most attention to is core CPI—and excludes those categories. Core CPI is up nearly 6% in a year. 
Is this the green light for a 75-basis point interest rate hike in a couple weeks?  On one side sits healthy employment—on the other side, today’s buzzkill CPI. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.