The Consumer Price Index for April will be released at 8:30 a.m. ET. Economists forecast that the gauge of inflation rose 0.3% month-on-month and 1.1% year-on-year according to Bloomberg, accelerating gains made in the prior period. Excluding volatile food and energy costs, core CPI is forecast at 0.2% month-on-month, and 2.1% year-on-year. Here's a preview from Bank of America Merril Lynch: Consumer prices likely rose by 0.4% mom in April, pushing the year-on-year rate to a 1.1% pace (from 0.9% previously). The key driver was a solid 3.9% mom gain in energy prices. Food prices likely rose at a more modest 0.1% pace. Excluding food and energy, core CPI likely rose by 0.2% mom, rebounding after weakness in March. In particular, apparel prices may have snapped higher, along with owners’ equivalent rent. Core inflation (yoy) likely slowed slightly to 2.1%. We'll have the latest details at the bottom of the hour, so refresh this page for updates. SEE ALSO: 10 THINGS YOU NEED TO KNOW BEFORE THE OPENING BELL Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
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