The latest US Producer Price Index (PPI) data showed that the inflation has come in at 2.4%, up from the September reading of 1.9%. This comes a day after the US CPI inflation figure showed a spike in the inflationary figure for the first time in eight months. Besides, the market concerns are also fueled as this set of data is also crucial for the Fed’s decision on their monetary stimulus plan.
However, despite the hotter-than-anticipated CPI inflation data, Bitcoin has continued its run towards the north, hitting a new ATH of $93,000.
US PPI Inflation Came In At 2.4%
The latest data by the Labor Department showed that the US PPI inflation came in at 0.2% in October, after noting no change in the prior month and the highest since August 2024. On a year-over-year (YoY) basis, the inflation was at 2.4%, marking a jump from the 1.9% figure of September.
The Core Producer Price Index, which excludes the foods and energy prices, came in at 0.3%, as compared to 0.1% in the prior month and up from the market expectations of 0.2%. On a YoY basis, the reading showed that the Core inflation was at 3.1% in October, up from 3% in September and the market expectations of 2.8%.
However, the hotter-than-anticipated US PPI inflation data has further fueled market speculations over the US Fed’s next move with their policy rate plans. Notably, the latest US CPI inflation figures also came in hot, indicating a hawkish decision on the upcoming Fed rate cut decisions.
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.
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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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