US CPI Inflation at Annual Rates, using July Nowcast

Note that year-on-year CPI inflation will have a bump up if Cleveland Fed’s nowcast of 0.4% m/m headline inflation proves right. So too will instantaneous (3.5% annual rate). However, the Bloomberg consensus is for 0.2%, which means in a slightly declining instantaneous inflation rate (2.4% annual rate).”

Inflation has been running at something near 3%? I’m confused – we were told by the world renowned economic forecaster JohnH that inflation would be 6%. And of course Jonny boy is never wrong.