I document a large increase in intraday market reactions to Consumer Price Index (CPI) announcements during the 2021--23 inflation surge. Asset prices across markets---including equities, interest rates, and inflation swap rates---respond significantly more strongly to CPI surprises than in the preceding low-inflation period. At the same time, reactions to other macroeconomic announcements remain comparatively unchanged. Overall, the market volatility attributable to macro announcements---driven by the CPI release---rises during the inflation surge. The patterns are likely not unique to 2021--23: historical evidence points to a stronger sensitivity to CPI surprises in earlier high-inflation episodes. Inspecting the mechanism, I find that the prevailing inflation level robustly predicts stronger CPI reactions and is closely linked to a proxy for ex-ante investor attention, which likewise amplifies market responses. Through the lens of a standard investor learning model, the increased market reaction to inflation news can help explain a substantial share of the heightened stock market volatility during inflation surges.