-->Talk Wednesday will center on the core CPI, which rose a sharp 0.4% in March but a less uncomfortable 2.3% on the year. Rounding does take a bit of the sting out of the monthly increase, as the unrounded change was 0.351% vs. February's unrounded change of 0.251%.

Rounded or not, the monthly core rate is an eye-opener, indicating that price pressures for consumer goods are building.

Gasoline prices shot up 7.1% in the month, which is bad news however unsurprising. The CPI excluding gas rose a not-so-tame 0.3% while the CPI excluding all energy products (fuel oil, electricity, natural gas) rose 0.4% -- both confirming the presence of widening price pressures. Food prices were up a tame 0.2%.

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