CPI inflation surprised on the upside last month, coming in 0.2 percentage points above Fathom’s expectations and 0.1 percentage points above consensus expectations. For Fathom, the errors were in the components for airfares, and for restaurants and hotels. Airfare inflation came out higher than expected because of a mismatch between school break-up dates and the CPI’s airfare price-collection period in 2025 compared to 2024…