Bloomberg issued its consensus estimates on the June Consumer Price Index, and they predict the upcoming report will be the hottest print yet in the current inflation cycle. Bloomberg’s estimate shows a year over year increase of 8.8%. That would be an even faster pace than the last report’s blistering 8.6% rate in May, itself a 40-year high.

High food costs and record gasoline prices will likely lead the forces driving it to its record high. Since this measurement however, fears of recession have been driving the price of crude oil down as well as impacting commodity prices. Crude has fallen more than 8%, falling to $96 per barrel on Tuesday’s trading.

Bloomberg’s estimate expects the Core CPI, which excludes food and energy, to rise 5.7%. That will be down from May’s 6% rate of increase.

MSCI Head of Portfolio Management Research Andy Sparks said in a note, “The data-driven Federal Reserve will be picking apart June’s CPI release to see if last month’s broad-based inflation increases are repeated. The Fed’s nightmare is that inflation accelerates and is not limited to energy, but carries over into the other components of the consumer’s basket.”

Junes print will be crucial in guiding the Fed in its July meeting, as they decide how much to hike interest rates. Previously Fed officials have indicated they will not relax their assault on inflation until they see “clear and convincing” evidence their efforts have had an effect.

Expectations are for the Fed to enact another 75 basis point increase to the Fed funds rate at the next meeting on July 26-27.