The latest data showed that the US CPI inflation comes in at 2.6%, a surge from 2.4% noted in September, sparking discussions in the crypto market. Notably, the market participants were also anticipating the inflation figures to come in hotter, which has so far kept the investors on the sideline today. This robust figure has also sparked concerns over the Fed’s potential move with their monetary policy plans ahead.
Besides, it also triggered discussions over its potential impact on Bitcoin and the altcoin prices.
US CPI Comes In At 2.6%
According to the latest Labor Department report, the US CPI inflation comes in at 0.2% in October, unchanged from the previous month’s figure. However, on a year-over-year basis, the inflation figure came in at 2.6%, a surge from the 2.4% figure noted in the prior month. This YoY surge marks the first increase in the last eight months, sparking market concerns.
Simultaneously, the Core CPI, which excludes the food and energy prices, was at 0.3% in October, unchanged from the prior month’s reading and in line with the market expectations. In addition, the Core CPI on a YoY basis also remained unchanged at 3.3%.
These hotter-than-expected CPI inflation figures have sparked concerns over the US Fed’s next move with their monetary policy plans. As the figures are closely monitored by the central bank, it is expected that this figure would pave the way for a potential hawkish path by the Fed ahead. Besides, it can also weigh on the investors’ sentiment, which in turn could impact the Bitcoin and altcoins prices.
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