The CPI calculation—consumer price index, or what's commonly called inflation—was expected to run warm, but not like a Miami August afternoon on the beach without an umbrella for shade.
"A Labor Department inflation report proved many traders were wrong with identifying peak inflation," wrote Edward Moya, senior market analyst for the Americas at OANDA, in a note. "Everything came in hot [Friday] with today's CPI data, the monthly core reading, the headline number, and a much stronger dollar will further fuel inflation here."
Or, as Sean Bandazian, a senior investment analyst at Cornerstone Wealth, told Business Insider, CPI was "stunningly high."
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