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CPI can be explained, diesel doesn't lie The average diesel price in the US has surpassed $6 per gallon for the first time in history, with California approaching $8 The core month-on-month CPI for August was 0.3%, exceeding expectations. When that data was collected, oil prices hadn't fully surged yet. The market is now trading on an inflation report that "hasn't yet reflected the real energy shock" The market is no longer discussing whether there will be a rate hike in September.