Nowflation inflation gauge at 2.11% YoY (-0.008pp DoD)

The Daily Brief for August 29, 2026, as the data stood that morning · Energy easing. Nowflation Gauge 2.93% year over year on 2026-08-29 — −0.008pp on the day, −0.040pp on the week, −0.068pp on the month; seasonally adjusted pace 0.39% annualized over three months and 2.41% over one. Official CPI 3.4% (July 2026, released 2026-08-12); gap −0.47pp. About 43% of the basket is priced from live sources; the rest holds the latest BLS subindex as measured.

What moved

Gauge 2.93% YoY, −0.008pp on the day and −0.040pp on the week; seasonally adjusted pace 0.39% annualized over three months, 2.41% over one.
Motor Fuel −0.20% on the day (−0.51% on the week, 29.44% YoY) — −0.59bps to the headline.
Gauge runs −0.47pp versus the July 2026 print of 3.4%; August 2026 CPI lands in 13 days — Nowflation Forecast 3.31% vs Street 3.4%, Cleveland Fed 3.37%.

The wire

The daily index reads 2.11% YoY, -0.04pp on the week. Largest daily driver: Motor Fuel (-0.20% DoD, -0.59bps to headline). Gauge runs -1.29pp versus the last official print (3.4%). Pump price $4.081, RBOB implies 11.8c over two weeks.

As written on 2026-08-29, under the gauge construction in force that day; the readings above reflect the current construction (v1.3, since September 2, 2026), so the levels differ.

The print ahead — August 2026 CPI, Friday, September 11, 2026 at 8:30 AM ET (in 13 days)

Forecaster	Headline CPI YoY call
Nowflation Forecast (pre-registered ensemble)	3.31%
Nowflation model (in-house)	3.23%
Street consensus	3.4%
Cleveland Fed nowcast	3.37%
Kalshi market-implied	3.35%
Prior print	3.4%

Our call sits −0.09pp versus the Street; the Gauge runs −0.47pp versus the July 2026 print of 3.4% that this release replaces. The forecast is a separate product from the Gauge — the Gauge measures today's prices; the forecast is the pre-registered call for what the BLS will print, graded after every release (August 2026 preview and grading).

Shelter, fuel, Truflation, jobs

Shelter: all-tenant rent index 1.68% YoY (+0.16% month over month), the reading the Gauge uses as measured; owned shelter 3.23% YoY; official rent 2.86% and owners' equivalent rent 3.23% (2026-07, BLS).
Fuel: pump price $4.081 (AAA daily, 2026-08-29), −2.1¢ on the week; RBOB implies $4.199 in two weeks (+11.8¢).
Truflation: 2.31% (2026-08-29); the Gauge is +0.62pp against it and Truflation is −1.09pp against the official print — a different construction, reconciled on the Nowflation vs Truflation page.
Jobs: August 2026 payrolls land September 4, 2026 (6 days): Nowflation model +73K vs Street +56K; printed +162K.

Method

The Nowflation Gauge is a measurement of today’s prices — live market sources for the components that have them (all-tenant rents measured from this month’s new leases, pump prices, used-vehicle auctions) and the latest BLS subindex, held as measured, for the rest. It is never a forecast. The print-day call is a separate product: the Nowflation Forecast is the pre-registered ensemble for the next CPI release (locked the evening before, graded after); the in-house model is shown alongside it. The wire paragraph is written by Claude from the day’s engine figures only (model alias in each record; a deterministic template when the API is unavailable). The “what moved” bullets are computed, not written. recomputed 8:40 AM & 6 PM ET · published 9 AM ET · 8:45 AM ET on print days. Methodology · every input, exposed · calendar feed, RSS and email.

Archive — one brief per day

Dashboard · Today's brief · CPI forecast · Scoreboard