On Wednesday morning, the U.S. Bureau of Labor Statistics will release June data from the closely watched Consumer Price Index (CPI), which tracks the prices of a basket of daily goods and services. Investors use the CPI as one way to measure inflation, which has hit a 40-year high this year and forced the Federal Reserve to become increasingly hawkish in terms of monetary policy. While CPI data comes out every month, the reading on Wednesday will be watched more closely than normal, as are the current high levels of inflation.