US Inflation Data See Bitcoin and Equities Drop Ahead of Retail Sales

2023-9-13 16:15

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%.

How can you use cryptocurrency to shield yourself from inflation? Click here to learn more.

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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The post US Inflation Data See Bitcoin and Equities Drop Ahead of Retail Sales appeared first on BeInCrypto.

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Источник: beincrypto.com

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