Read the release.
Then the reaction.

1. Identify the exact series

Read the agency, series name and reference period. “Inflation rose” is incomplete without knowing the index and the comparison. A release date tells you when the statistic became public; its reference period tells you what part of the economy it describes.

2. Inspect the units

Is the number a level, a percentage change or a change in percentage points? If a rate moves from 4% to 5%, the increase is one percentage point. The relative increase in the rate is 25%. Those are different descriptions of the same arithmetic.

3. Keep the basis consistent

Check the comparison window and any seasonal adjustment. Do not put an annualised quarterly rate next to an unadjusted monthly change as though their units match. Look for notes, definitions and methodological changes in the original release.

4. Look for revisions

A release can change both the newest observation and the record of earlier periods. Where revisions are published, read them alongside the new headline. A previous value copied into a commentary may no longer match the agency’s updated series.

5. Separate data from explanation

Write down what the release says before describing what a price move supposedly means. Expectations, other news and market conditions can also matter. A sequence of events is not by itself proof of a single cause.