CPI y/y (USD) comes in at 3.4% against 2.7% consensus

The US Consumer Price Index, year over year, was released today, August 12, 2026, at 3.4%. This figure came in above the analyst consensus expectation of 2.7%. The actual print represents a 25.9% surprise compared to the consensus. The previous month’s reading was 3.5%.

Following the release, the market showed immediate reactions. Fifteen minutes after the data, AUDUSD was up 13 pips, EURUSD was up 12 pips, and GBPUSD was up 13 pips. NZDUSD gained 10 pips. In contrast, USDCAD moved down 6.4 pips, USDCHF moved down 7.7 pips, and USDJPY moved down 17 pips. Gold, XAUUSD, saw a rise of 109 pips. Compared to historical data, where AUDUSD typically sees a median 1-hour move of 15 pips, EURUSD 21 pips, GBPUSD 22 pips, NZDUSD 15 pips, USDCAD 15 pips, USDCHF 16 pips, and USDJPY 22 pips, the initial moves for these pairs are currently below or near their median 1-hour historical movements. XAUUSD’s 109 pip move is above its median 1-hour move of 52 pips and within its top-quarter historical movements of 108+ pips.