The latest US Consumer Price Index (CPI) data showed that the inflation stayed at 0.2% in September, up from what the market was expecting. Notably, the higher-than-anticipated inflation level has fueled market concerns, which is likely to send Bitcoin price below $60K soon. Besides, this development, after the gloomy US Job data, has cemented bets over a potential hawkish stance by the Federal Reserve at their upcoming meeting.
US CPI Cools To 2.4% In September.
According to the latest Labor Depart Department data, the US CPI came in at 0.2% on a monthly basis, unchanged from the August and July levels. On a yearly basis, the inflation has cooled to 2.4% in September, down from 2.5% noted last month and up from the market expectations of 2.3%. However, despite the hotter-than-anticipated figures, the yearly surge in September marks the smallest gain since February 2021.
Simultaneously, the Core CPI rose 0.3% in the prior month, noting no change from the last month’s number. Simultaneously, on a 12-month basis, the Core CPI, which excludes food and energy prices, rises to 3.3% from 3.2% in the prior month.
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