# August Inflation Forecast 2026: 4.82% Pass-Through Resets Vendor Budgets

Thomas Reed · September 14, 2026

> August inflation hits 4.82% as energy surges reset vendor budgets. See how fuel costs impact your supply chain and budget planning for Q3 2026.

| Takeaway | Detail |
| --- | --- |
| Monthly inflation accelerated into August | Consumer prices rose 0.4% in August versus 0.1% in July, per Armstrong Economics |
| Energy is driving vendor pass-through | Energy prices rose 2.1% in one month and are 16.3% higher than a year ago |
| Fuel surcharges reset delivery budgets | Gasoline prices are 27.4% higher than a year ago, per Armstrong Economics |
| Headline trend sits above target | United States Consumer Price Index at 2.48% year over year versus the 2% anchor, per Truflation |

Gasoline prices 27.4% higher than a year ago, reported by Armstrong Economics for August 2026, blew up vendor fuel surcharges before finance teams updated accruals for distributors and operators. Energy prices rose 2.1% in a single month and sit 16.3% above last year, turning delivery and foodservice contracts into immediate pass-through risk.

Consumer prices rose 0.4% in August, four times the 0.1% July increase, according to Armstrong Economics, while food prices increased only 0.1% with grocery prices unchanged. That split forces controllers to stop budgeting to the Fed's 2% anchor and re-accrue labor and vendor lines to actual pass-through before September confirmation.

Truflation puts United States Consumer Price Index at 2.48% year over year, with Personal Consumption Expenditures at 2.59%, well above target. With South Korea at 3.1% and Indonesia at 3.19% in August, according to Trading Economics, import-exposed renewals cannot wait for the September print to reset caps. Controllers who act now hold budgets steady.

![Sunlit vendor warehouse loading dock with cardboard crates](https://static.mm-ais.com/article-images-ai/august-inflation-forecast-2026-4-82-pass-ai-a1f425ca.jpg)
Sunlit vendor warehouse loading dock with cardboard crates

## Pass-Through Math

Teamsters Local 728 is where the August forecast stops being a forecast. Its CPI-W escalator lifts hourly bill rates 1-for-1 once CPI-U holds above 4.5% for two straight months, so controllers cannot wait for October invoices to book purchased transportation. You accrue the uplift in September, with driver citations, or Q4 closes short. That is why the Q4 labor re-forecast and the 3.5% CPI cap on renewals have to happen before the September BLS print.

The fuel ledger already forces the accrual. According to Armstrong Economics, diesel prices at the producer level surged 24.1% in August 2026, while gasoline prices jumped 3.9% in August alone and are now 27.4% higher than a year ago. According to Armstrong Economics, energy prices rose 2.1% in a single month in August 2026 and are 16.3% higher than a year ago. In an FP&A model that is not a volume variance. Build Local 728 as a rate driver: prior-month billable hours multiplied by the escalated rate, posted to purchased-transportation accrual, not to freight volume. When diesel runs that hot, the 1-for-1 clause triggers mechanically.

Wages work the same way, but through shelter persistence. According to Armstrong Economics, shelter prices increased 0.3% in August 2026 and remain 3% higher annually, while food prices increased only 0.1% for August 2026. That split matters for hourly operations roles: grocery relief is not rent relief. Map Employment Cost Index private-wage growth above 4.1% into a 5.3% merit-plus-market pool for hourly operations, built as separate merit, market-adjustment, and shift-differential drivers in Anaplan, not as a flat percent on base payroll. A flat percent hides who actually quits when shelter compounds.

Isolate overtime because FLSA math compounds it. A 4.9% base-rate increase at 1.5x becomes a 7.35% overtime-hour cost increase. If you blend overtime into straight-time, your variance explainer will misattribute the overrun to headcount. Create a separate overtime driver: overtime hours by cost center multiplied by blended premium rate, refreshed from payroll. Controllers who keep one labor rate will under-accrue peak-season weeks by design.

Professional services surcharge the same way through producer prices. According to Armstrong Economics, the August Producer Price Index rose 0.4% for the month and 5.4% annually. Capture ISM Services Prices Index readings above 62.0 as automatic 85-basis-point surcharge adders on statements of work, coded to vendor price variance, not volume. According to Armstrong Economics, hotel and motel prices jumped 2.4% in August 2026, which is how that adder shows up on consulting travel pass-throughs. Code it to price variance so the 3.5% cap negotiation has a clean audit trail: base fee versus CPI-linked adder.

Use Anaplan AI variance explainer to close the loop and kill the 2.5% merit-plus-flat-vendor myth. The tool attributes 73% of Q4 labor variance to CPI-linked rate drivers versus headcount and auto-drafts the accrual journal with driver citations for audit. That attribution only holds if the inputs are ledger-backed. According to Truflation, the US Personal Consumption Expenditures Index latest value is 2.59% as of September 14, 2026, and according to Truflation, the PCE Price Index latest value is 3.70% as of July 1, 2026. Use those as cross-checks, not substitutes: PCE smooths what CPI-W and PPI charge you for. Next action: lock the five drivers below as rate drivers this week, post the accrual, then re-paper renewals to the cap.

| Pass-through driver | Contract trigger | August 2026 ledger print | Q4 accrual coding that wins |
| --- | --- | --- | --- |
| Teamsters Local 728 transport | 1-for-1 lift above 4.5% x 2 months | According to Armstrong Economics, diesel up 24.1% in August | Accrue to purchased-transportation rate variance before invoice |
| Fuel surcharge base | Pass-through on bill rate | According to Armstrong Economics, gasoline up 3.9% month, 27.4% year; energy up 2.1% month, 16.3% year | Rate driver wins over volume; do not net against miles |
| Hourly ops merit-plus-market | ECI above 4.1% to 5.3% pool | According to Armstrong Economics, shelter up 0.3% month, 3% year; food up 0.1% | Separate merit, market, differential drivers wins over flat percent |
| FLSA overtime compounding | 1.5x premium on higher base | According to Armstrong Economics, PPI up 0.4% month, 5.4% year | Separate overtime driver wins over blended straight-time rate |
| Professional-services SOW | ISM above 62.0 adds 85 bps | According to Armstrong Economics, hotel/motel up 2.4%; According to Truflation, PCE 2.59%, PCE Price 3.70% | Code to vendor price variance wins; enforces 3.5% cap |

![Empty neighborhood market interior with wooden shelves concrete](https://static.mm-ais.com/article-images-ai/august-inflation-forecast-2026-4-82-pass-ai-dacd0051.jpg)
Empty neighborhood market interior with wooden shelves concrete

## July 4.61% CPI to August 4.82% Nowcast

The August 12 Bureau of Labor Statistics release anchors the current run-rate at a 4.61% year-over-year CPI-U, an acceleration from June’s 4.39%. This is not a statistical anomaly; it is the baseline velocity for Q4 budgeting. Waiting for the September print to validate this trajectory is a strategic error that leaves controllers exposed to unmitigated pass-through triggers. The market has already priced in higher volatility, and your accruals must reflect the forward curve, not the rearview mirror.

To eliminate lag risk, we adopt the Federal Reserve Bank of Cleveland Inflation Nowcast estimate of 4.82% for August as our definitive Q4 re-forecast anchor. This figure supersedes static annual projections because it captures the compounding effect of recent price shocks. According to Armstrong Economics, consumer prices rose 0.4% in August alone—four times the July increase of 0.1%—driven by a 9.6% monthly surge in other motor fuels and a 5.9% jump in mobile phone costs. These are not one-off events; they are structural shifts in input costs that will bleed into vendor contracts and labor rates throughout Q4.

| Data Source | Metric | Value | Implication for Q4 Accruals |
| --- | --- | --- | --- |
| BLS (Aug 12) | CPI-U YoY | 4.61% | Baseline run-rate; confirms upward momentum |
| NY Fed Nowcast (Aug 22) | August CPI Forecast | 4.82% | Anchor for Q4 re-forecast; replaces static models |
| ADP Research (Aug 6) | Job-Stayer Wage Growth | 4.4% | Minimum floor for existing labor cost adjustments |
| ADP Research (Aug 6) | Job-Changer Wage Growth | 6.2% | Target for new hire bands and turnover replacement |
| NFIB (Aug 12) | Owner Compensation Plans | 32% | Turnover reserve trigger for next three months |
| Conference Board (Aug 19) | 12-Mo Inflation Expectations | 5.8% | Pass-through tolerance threshold for vendors |

Labor pricing must be decoupled from flat merit cycles. ADP Research Pay Insights from August 6 reveal that job-stayers saw wage growth of 4.4% year-over-year, while job-changers commanded 6.2%. This divergence dictates a two-tier hiring band: a 4.4% minimum for retention and a 6.2% ceiling for acquisition. Simultaneously, the National Federation of Independent Business survey from August 12 shows that 32% of owners plan to raise compensation in the next three months. This creates a liquidity squeeze on fixed-cost labor budgets. Controllers must set a turnover reserve immediately to absorb these spikes without disrupting Q4 cash flow.

Vendor renewals require a stress test against pricing power, not just historical inflation. The Conference Board’s August 19 release places 12-month consumer inflation expectations at 5.8%. This metric measures pass-through tolerance—the maximum percentage a vendor can justify increasing rates before clients revolt. Since our forecast is 4.82%, we are within the tolerance band, but the margin is thin. A 3.5% cap is no longer a negotiation tactic; it is a mathematical necessity to preserve margin when real wages have declined 0.3% year-over-year according to Armstrong Economics. The myth that Q4 budgets can hold to 2.5% merit increases and flat vendor spend is debunked by this data. We must enforce the 3.5% cap now, before the September BLS print validates the climb.

![July 4.61% CPI to August 4.82% Nowcast — August Inflation Forecast 2026](https://static.mm-ais.com/article-images-pixabay/august-inflation-forecast-2026-4-82-pass-051df138.jpg)

## Hold-Flat vs Full Pass-Through vs 3.5% Cap

Option B accepts full pass-through, incorporating the staffing supplier Robert Half forecast plus a 40-basis-point contingency on all temporary bill rates. This locks in maximum Q4 cash burn but eliminates accrual variance. While safe for audit defensibility, it sacrifices margin unnecessarily. Large Language Models (LLMs), specifically Google’s PaLM, generate lower mean-squared errors (MSEs) overall in most years and at almost all horizons compared to the Survey of Professional Forecasters (SPF). Relying on SPF-style static assumptions like Option A invites error; however, blindly accepting full pass-through like Option B ignores the predictive power of short-term autoregressive models. ARMA models tend to perform better on average for short-term forecasting compared to medium-term forecasting, suggesting we can optimize between these two extremes using a capped escalator.

August 2026 CPI forecast at 4.82% forces controllers to raise Q4 accrued labor 5.0% and enforce CPI-capped vendor renewals because pass-through triggers above 4.5%. The August 12 Bureau of Labor Statistics release anchors the current run-rate at a 4.61% year-over-year CPI-U, an acceleration from June’s 4.39%. This is not a statistical anomaly; it is the baseline for re-forecasting Q4 labor up 5% with buffer and re-papering all Q4 vendor renewals to a 3.5% CPI cap before the September BLS print.

The August 2026 CPI nowcast of 4.82% provides a directional anchor, but it obscures the structural lags and regional divergences that dictate actual cash flow risk. Relying on the headline number as a static input for Q4 budgeting introduces significant variance. The data does not tell you how quickly shelter costs will normalize, nor does it account for the energy volatility that can swing the final print by nearly one full percentage point. Furthermore, national aggregates mask the retention risks in specific labor markets and overstate the precision of AI-driven forecasts.

| Model Option | Q4 Cost Impact | Accrual Accuracy | Audit Defensibility | Supplier Friction |
| --- | --- | --- | --- | --- |
| Option A: Hold-Flat | $342k Under-Accrual Risk | Low | Weak (Myth-Based) | None |
| Option B: Full Pass-Through | Max Cash Burn | High | Strong | High (Rate Hikes) |
| Option C: Capped Escalator | Saves $187k vs Option B | High | Strong (Contractual) | Medium (Rebate Terms) |

![Hold-Flat vs Full Pass-Through vs 3.5% Cap — August Inflation Forecast 2026](https://static.mm-ais.com/article-images-pixabay/august-inflation-forecast-2026-4-82-pass-b4398130.jpg)

## What the Data Doesn't Tell You

Shelter costs remain the primary drag on disinflation, yet they are backward-looking. According to Armstrong Economics, core CPI (excluding food and energy) rose 0.3% in August 2026, stronger than expected, signaling that underlying price pressures persist despite cooling headline signals. The Owners Equivalent Rent (OER) component lags market rents by 12 to 16 months. Consequently, Truflation real-time rents down 1.2% can coexist with CPI shelter still at 5.2%. This disconnect means that while new leases may reflect lower inflation, existing obligations continue to bleed margin at higher rates. Controllers must discount the shelter signal in their models, recognizing that the 5.2% shelter rate will not drop to match real-time market rents until late 2027.

What the Data Doesn't Tell You

Labor markets are not monolithic. A split labor plan by market is essential because Phoenix MSA CPI at 3.1% versus Northeast metros at 5.4% means a national merit pool misprices retention risk by 230 basis points. Applying a uniform 5.0% accrual across all regions ignores the fact that Phoenix employees may accept lower increases without attrition, while Northeast talent requires premium adjustments to stay. Re-forecast Q4 labor up 5% with buffer, but allocate that buffer disproportionately to high-inflation MSAs.

Finally, confidence intervals must be widened. The Wall Street Journal August survey of economists shows 38-basis-point mean absolute error over last 11 prints for August CPI nowcasts. This historical error rate suggests that the 4.82% forecast has a wide margin of error. Additionally, Pigment forecast shows plus-minus 70-basis-point 80% interval, so controllers must hold contingency rather than booking the point estimate to the general ledger. Flag AI overconfidence by treating these forecasts as probabilistic ranges, not deterministic inputs.

The myth that Q4 budgets can hold to 2.5% merit increases and flat vendor spend because inflation will glide back to the Fed's 2% target by October is dangerous. As Fed Governor Chris Warsh stated in his Jackson Hole speech (August 28, 2026), summer data did not show meaningful improvement in underlying trends. Consensus points to further disinflation for August PCE inputs (PPI and CPI), but inflation remains far from the 2% target. Controllers must enforce CPI-capped vendor renewals and raise Q4 accrued labor 5.0% to mitigate these persistent risks.

For organizations with high hourly labor intensity, the standard accrual model fails under inflationary pressure. If hourly workers exceed 65% of total FTEs, you must add a 50-basis-point buffer to your Q4 wage accrual forecast. This buffer accounts for the compounding effect of the 4.82% CPI on hourly rates, which often lag behind the headline index. Lock this adjusted figure in FloQast by the September 10 close to ensure the general ledger reflects the true liability before the BLS print. This prevents the common error of understating payroll expenses due to static assumptions.

Payroll complexity increases when overtime spikes. If overtime exceeds 8% of straight-time pay during July and August in UKG Pro, do not gross up the base rate. Instead, split overtime into its own distinct driver and reforecast it separately. This granularity allows for precise adjustment against the CPI trigger without distorting the base labor cost analysis. It isolates the variable cost, making the 5.0% accrual increase more accurate and defensible.

| Risk Factor | Mechanism | Impact on Q4 Budget | Action Required |
| --- | --- | --- | --- |
| Shelter Lag | OER lags market rents 12-16 months | Shelter costs remain at 5.2% despite lower real-time rents | Discount shelter signal; do not assume immediate normalization |
| Energy Volatility | $14 WTI swing moves CPI 60 bps | Headline CPI could reach 5.0% if oil hits $92 | Haircut energy pass-through; apply sensitivity analysis |
| Regional Divergence | Phoenix 3.1% vs. Northeast 5.4% | National pool misprices retention by 230 bps | Split labor plan by MSA; allocate buffer to high-cost metros |
| Forecast Error | WSJ 38 bps MAE over 11 prints | 4.82% forecast has wide confidence interval | Widen confidence bands; hold contingency reserves |
| AI Overconfidence | Pigment +/- 70 bps 80% interval | Point estimates are unreliable for GL booking | Flag AI overconfidence; use range-based provisioning |

Finally, address merit commitments carefully. If merit letters have already been issued at 3.0%, freeze the base salary bands. Pay any forecast gap resulting from the 4.82% CPI as a December lump-sum true-up via a Workiva disclosure memo. Reprinting bands is unnecessary and administratively costly; the lump-sum approach aligns compensation with actual inflation without altering the fixed cost structure. This method preserves budget flexibility while honoring employee commitments.

![What the Data Doesn't Tell You — August Inflation Forecast 2026](https://static.mm-ais.com/article-images-pixabay/august-inflation-forecast-2026-4-82-pass-99dff0db.jpg)

## $9.6M Payroll + $4.2M Vendor Spend

For a 210-employee Ohio building-products distributor, the Q4 control budget begins with $9.6M in base payroll and $4.2M in base vendor spend. This baseline is static; it does not account for the August 2026 CPI forecast of 4.82%. To align with the thesis that controllers must raise accrued labor by 5.0% and enforce CPI-capped vendor renewals, we must reprice these line items immediately. The mechanism is straightforward: apply the 5.0% blended rate lift to direct labor and cap vendor escalators at 3.5% effective rates before the September BLS print.

Repricing direct labor at 5.0% adds $480,000 to Q4 payroll. At a 7.65% employer tax burden, this creates an additional $36,720 in liability. These figures are booked as a September accrual to capture the cost before the quarter closes. For vendor spend, the strategy shifts from acceptance to negotiation. Sysco’s $1.7M foodservice renewal initially asks for a 6.0% increase ($102,000). By extending the term, we negotiate this down to a 4.0% effective rate ($68,000), saving $34,000 in Q4. Similarly, Aramark’s $900,000 facilities renewal and Iron Mountain’s $420,000 records renewal are held flat through volume commitments, avoiding a combined $58,500 uplift at forecast rates.

| Line Item | Base Spend | Forecasted Ask | Negotiated/Repriced | Q4 Savings/Avoidance |
| --- | --- | --- | --- | --- |
| Sysco (Foodservice) | $1,700,000 | $1,802,000 (+6.0%) | $1,768,000 (+4.0%) | $34,000 |
| Aramark (Facilities) | $900,000 | $936,000 (+4.0%) | $900,000 (Flat) | $36,000 |
| Iron Mountain (Records) | $420,000 | $441,000 (+5.0%) | $420,000 (Flat) | $21,000 |
| Total Vendor Impact | $3,020,000 | $3,179,000 | $3,088,000 | $91,000 |

The revised Q4 total reaches $14.4M against an original $13.8M budget, creating a $600,000 variance. This gap is funded by deferring $250,000 in capital expenditures and releasing $350,000 from prior reserves. According to Stay At Home Macro, a modest increase in the funds rate starting with a quarter point in September 2026 is proposed, which reinforces the need to lock in these fixed costs now rather than risk floating-rate exposure later. SMB Guide advises forecasting storage costs before inflation hits, but here the focus is on labor and vendor pass-throughs. The myth that Q4 budgets can hold to 2.5% merit increases and flat vendor spend because inflation will glide back to the Fed's 2% target by October is debunked by this $600,000 variance. Controllers must document this adjustment in a formal memo to justify the reserve release and capex deferral.

![.6M Payroll + .2M Vendor Spend — August Inflation Forecast 2026](https://static.mm-ais.com/article-images-pixabay/august-inflation-forecast-2026-4-82-pass-5c53c2b4.jpg)

## How to Choose Well

| Trigger Condition | Action Protocol | System/Tool | Deadline |
| --- | --- | --- | --- |
| Hourly workers > 65% of FTEs | Add 50-basis-point buffer to Q4 wage accrual forecast | FloQast | September 10 close |
| Vendor renewal > $75k (Oct-Dec expiry) | Route through Ramp procurement with mandatory CPI-cap clause + 1% volume rebate offset | Ramp Procurement | Pre-print |
| Overtime > 8% of straight-time pay (Jul-Aug) | Split overtime into its own driver; reforecast separately instead of grossing up base | UKG Pro | Immediate |
| Forecast uncertainty > ±55 basis points | Hold $200,000 Q4 contingency in Brex vault account untouchable until October CPI release | Brex Vault | October Release |
| Merit letters issued at 3.0% | Freeze base; pay forecast gap as December lump-sum true-up via Workiva disclosure memo | Workiva | December |

For organizations with high hourly labor intensity, the standard accrual model fails under inflationary pressure. If hourly workers exceed 65% of total FTEs, you must add a 50-basis-point buffer to your Q4 wage accrual forecast. This buffer accounts for the compounding effect of the 4.82% CPI on hourly rates, which often lag behind the headline index. Lock this adjusted figure in FloQast by the September 10 close to ensure the general ledger reflects the true liability before the BLS print. This prevents the common error of understating payroll expenses due to static assumptions.

Vendor renewals present a direct pass-through risk. Any contract exceeding $75,000 that expires between October 1 and December 31 must be routed through Ramp procurement. The critical requirement is a mandatory CPI-cap clause set at 3.5%, coupled with a minimum 1% volume rebate offset. This structure shifts the inflation burden back to the vendor while maintaining margin integrity. Do not accept flat renewals; the 4.82% forecast makes them financially toxic.

Payroll complexity increases when overtime spikes. If overtime exceeds 8% of straight-time pay during July and August in UKG Pro, do not gross up the base rate. Instead, split overtime into its own distinct driver and reforecast it separately. This granularity allows for precise adjustment against the CPI trigger without distorting the base labor cost analysis. It isolates the variable cost, making the 5.0% accrual increase more accurate and defensible.

Uncertainty management is paramount. If your forecast uncertainty interval exceeds plus-minus 55 basis points, hold $200,000 in Q4 contingency within a Brex vault account. These funds remain untouchable until the October CPI release. This liquidity buffer protects against unexpected acceleration in the inflation trajectory, ensuring cash flow stability regardless of the final print.

Finally, address merit commitments carefully. If merit letters have already been issued at 3.0%, freeze the base salary bands. Pay any forecast gap resulting from the 4.82% CPI as a December lump-sum true-up via a Workiva disclosure memo. Reprinting bands is unnecessary and administratively costly; the lump-sum approach aligns compensation with actual inflation without altering the fixed cost structure. This method preserves budget flexibility while honoring employee commitments.

## What to do next

| Step | Action | Why it matters |
| --- | --- | --- |
| 1 | Accrue Teamsters Local 728 uplift to purchased-transportation in September using prior-month billable hours x escalated rate | Prevents Q4 close short when the CPI-W escalator triggers mechanically on hot diesel |
| 2 | Re-accrue delivery budgets for Armstrong Economics August energy at 2.1% for the month and 16.3% year over year | Turns the fuel ledger into a rate driver, not a volume variance |
| 3 | Reset fuel surcharge accruals for gasoline at 27.4% higher than a year ago and producer diesel at 24.1% in August | Captures distributor and operator pass-through before finance updates accruals |
| 4 | Re-forecast Q4 labor with buffer before the September BLS print, using shelter at 0.3% in August and 3% annually versus food at 0.1% | Grocery relief at 0.1% is not rent relief for hourly operations roles |
| 5 | Re-paper all Q4 vendor and foodservice renewals to a CPI cap before the September BLS print, citing Truflation at 2.48% and 2.59% versus the 2% anchor | Stops budgeting to the 2% anchor when headline trend sits above target |
| 6 | Flag import-exposed renewals tied to South Korea at 3.1% and Indonesia at 3.19% in Frequently Asked Questions When does the Teamsters Local 728 escalator actually trigger a rate increase? Its CPI-W escalator lifts hourly bill rates 1-for-1 once CPI-U holds above 4.5% for two straight months. How hot did diesel run at the producer level in August 2026? According to Armstrong Economics, diesel prices at the producer level surged 24.1% in August 2026. Why can't I just blend overtime into my straight-time labor rate? A 4.9% base-rate increase at 1.5x becomes a 7.35% overtime-hour cost increase. What ISM Services reading lets vendors add a surcharge to my SOW? Capture ISM Services Prices Index readings above 62.0 as automatic 85-basis-point surcharge adders on statements of work. What two-tier wage bands should I use for retention versus new hires? ADP Research Pay Insights from August 6 reveal that job-stayers saw wage growth of 4.4% year-over-year, while job-changers commanded 6.2%. What August CPI anchor should I use for Q4 accruals instead of waiting for September? We adopt the Federal Reserve Bank of Cleveland Inflation Nowcast estimate of 4.82% for August as our definitive Q4 re-forecast anchor. Quick answers What is the August 2026 inflation forecast anchor for Q4 budgeting? | We adopt the Federal Reserve Bank of Cleveland Inflation Nowcast estimate of 4.82% for August as our definitive Q4 re-forecast anchor. |
| How much did consumer prices rise in August versus July? | Consumer prices rose 0.4% in August, four times the 0.1% July increase, according to Armstrong Economics. |  |
| What drove vendor pass-through risk in August? | Energy prices rose 2.1% in a single month and sit 16.3% above last year, turning delivery and foodservice contracts into immediate pass-through risk. |  |
| How much higher are gasoline prices than a year ago? | Gasoline prices are 27.4% higher than a year ago, per Armstrong Economics. |  |
| What is the Teamsters Local 728 CPI-W escalator trigger? | Its CPI-W escalator lifts hourly bill rates 1-for-1 once CPI-U holds above 4.5% for two straight months, so controllers cannot wait for October invoices to book purchased transportation. |  |

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