Investors need to understand not only the backward-looking data, such as CPI and other metrics, but also forward-looking expectations, like TIPS, to be successful.

Follow along to MarketWatch's coverage of the consumer price index data due to be released by the Labor Department.

“August’s CPI report will likely suggest firms are having difficulty passing higher input prices on to consumers — even as freight costs have risen. That suggests further margin compression down the line, with the possibility that firms resort to layoffs to cut costs.