The 2026 inflation 'comeback': Will the Iran war collide with CPI and shatter rate cut dreams tonight? Tonight at 8:30 PM, the entire market is waiting for this shot to be fired. This isn’t just any CPI report—it’s the first 'scorecard' after the outbreak of the Iran war. Energy shock: March energy prices are expected to soar by 10.6%. The war has turned oil into a direct inflation bomb. Tariff punch: Beyond oil prices, new trade tariffs are being passed on to food and living costs. Data contrast: The year 2026 started off mildly (2.4%), but tonight’s median forecast has jumped straight to 3.4% - 3.7%. Tonight’s data isn’t just a number—it’s the ultimate turning point for 2026 monetary policy.