US CPI Report Shows Inflation Hotter Than Expected, Bitcoin Plunges 9.6%

First Mover Americas: Bitcoin Eyes Weekly Loss Ahead of US CPI

Tuesday’s report was expected to show a much faster slowdown in prices as energy, gasoline and airfare prices – the main drivers behind high inflation in recent months – started to cool off. But other sectors offset those price decreases and caused overall inflation to remain elevated. Health insurance, for example, rose 24.3% year-over-year, the largest increase ever. Food at home and rent prices were also one of the main drivers this month, up 13.5% and 15.8%, and services inflation rose above 6%.

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