The number is not good for the dollar. There is increased difficulty for the U.S. to finance its swelling trade deficit.
There is a good chance that CPI will be higher than expected. But the question is not only will the CPI reflect the increase in wholesale inflation but whether it will be carried into subsequent months.
It's good for the U.S. to see a relatively weaker dollar, but it's not a good idea for the U.S. Treasury to signal it wants a weaker dollar. The decline in the U.S. currency could be faster than they wish.