Of course, the Federal Reserve Bank and especially those currently sitting on the FOMC, or the "committee", focus on PCE inflation, which is an entirely different metric used for measuring consumer inflation. Everyone else, and I mean everyone, speaks of the CPI when they speak of inflation. Consensus for this morning's June CPI release is for year over year growth of 8.8% and/or month over month growth of 1.1% at the headline.