The most recent U.S. Consumer Price Index (CPI) data unveils a clear reacceleration in headline inflation, marking a first in over a year.

As per data from SuperMacro, the ‘super-core’ measure – essentially inflation excluding core services and shelter – has edged up to 4% from the previous 3.9%.

This swell, although marginal, is underpinned by a prominent month-on-month increase of 0.22%, the largest in a quarterly span. SuperMacro’s analysis suggests a prudent expectation of further acceleration in headline inflation with a concurrent stabilization in the core.

In the energy sector, the CPI index registered a minor uptick of 0.1% in July. This comes alongside an important observation from SuperMacro that the influence of base effects is winding down.

This is set against the backdrop of crude oil that rallied notably, surging by 20% over the past two months.