Core CPI rose 0.3% in August 2026, a tenth above the 0.2% forecast, and 2.4% over twelve months, matching the estimate. The headline-core gap of a full percentage point is the energy shock in its purest form - broad goods and services inflation is running near target on this measure while the PCE-based core the Fed acts on sits near 3.2 to 3.4%. Bloomberg's framing was that the firmer monthly core bolstered the case for a hike.