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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.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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