When the US Bureau of Labor Statistics releases new numbers, in theory it should make no difference whether the press release emphasizes the most recent 1-month number, which is what it does, or the 12-month number, as many other countries’ statistical agencies do. This paper offers the hypothesis that it does matter: Markets react to CPI inflation news via whichever framing the agency chooses.
Frankel, Jeffrey A., and Ayako Saiki. "Does It Matter If Statistical Agencies Frame the Month’s CPI Report on a 1-Month or 12-Month Basis?" HKS Faculty Research Working Paper Series RWP16-011, March 2016.