Bitcoin Falls as US Core CPI Comes in Hot

The US Consumer Price Index (CPI) rose 0.6% month-on-month in August and 3.7% year-on-year, causing a brief decline in equities, with the S&P 500 falling one-quarter of a basis point. Bitcoin (BTC) was down from $26,178 to $26,125, while Ethereum (ETH) fell slightly from $1,601 to $1,596. 

So-called core inflation rose three-tenths of a percent in the last month and 3.7% year-on-year. The cost of shelter increased 0.3%, while the prices of used cars and trucks fell 0.1%.

Investors Turn to CPI

The US Federal Reserve uses CPI, the Personal Consumption Expenditure Index, and US labor data to inform its rate policy decisions. The central bank will meet next week to decide whether to increase rates to bring annual headline inflation back to 2%.

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US CPI picks up in August
US YoY CPI | Source: YCharts

Shortly after the CPI print, markets returned to pre-trading levels as investors await the next retail sales numbers due on Thursday.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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