Inflation Surprises to the Upside August CPI data disappoints … crypto has been pushing higher, but it’s not a green-light yet … why Eric Fry believes it’s not time to bet against the oil trade As I write Tuesday morning, it’s a bloodbath for stocks, and we have a hotter-than-expected Consumer Price Index ( CPI ) print to thank. Before the market opened, we received the August CPI numbers. Economists were expecting the year-over-year figure to come in at 8.1% and the month-over-month number to fall 0.1%. Instead, year-over-year came in at 8.3%, and month-over-month rose 0.1%. Here’s CNBC with the specifics of the CPI report: Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices, the Bureau of Labor Statistics reported Tuesday… Energy prices fell 5% for the month, led by a 10.6% slide in the gasoline index. However, those declines were offset by increases elsewhere. The food index increased 0.8% in August and shelter costs, which make up about one-third of the weighting in the CPI, jumped 0.7% and are up 6.2% from a year ago.