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Surprise Surge in U.S. September CPI; Bitcoin Continues Decline

Oct 14, 2023 at 10:37 am

In September, the Consumer Price Index (CPI) saw a 0.4% increase, surpassing economist projections of 0.3% and surpassing the previous month's 0.6% surge. Looking at the year-on-year figures for September, the CPI exhibited a 3.7% rise, exceeding the anticipated 3.6% and matching August's 3.7%.

The core CPI, excluding volatile food and energy costs, demonstrated a 0.3% uptick in September, in line with estimates and mirroring the previous month's increase. Year-on-year, the core CPI registered at 4.1%, meeting the forecasted 4.1% and slightly down from August's 4.3%.

Following the release of this data, the price of Bitcoin (BTC) extended its early losses, experiencing a 1.2% decline to reach $26,770.

The minutes from the recent meeting of the U.S. Federal Reserve’s Federal Open Market Committee (FOMC), made public yesterday, indicated a general consensus among policymakers that another rate hike would likely be necessary to conclude the current phase of monetary tightening.

Presently, traders are estimating a mere 10% likelihood of a rate hike occurring at the Fed's November meeting. However, these odds rise to 30% by the end of the year, according to the CME's FedWatch.

Read more: Bitcoin's Mining Dilemma: Striking a Balance

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