September US CPI Data Released, Bitcoin Filled With Red

The Labor Department said Thursday that consumer prices in the United States dropped from the previous month, although the inflation rate remained higher than experts had projected. Bitcoin has sunk at the time of data was published.

Bitcoin (BTC) fell about 3% in the minutes following the announcement, reaching its lowest level since September 21. At the time of publication, the biggest cryptocurrency was trading for roughly $18,850.

The Consumer Price Index, the most widely followed barometer of inflationary pressure in the United States, climbed 8.2% in September from the same month a year ago, slightly more than the 8.1% predicted by analysts. The index increased 0.4% from August.

The core CPI, which excludes volatile energy and food prices and is more carefully studied by investors and policymakers as a more consistent reflection of underlying price pressures, climbed 0.6%, the same rate as in August, surpassing forecasts. The core CPI increased 6.6% year on year, reaching its highest level in four decades.

Bitcoin, which has fallen drastically this year, may remain under pressure as traders worry about the possibility of future high interest-rate rises by the Federal Reserve when the FOMC meets next on November 1-2.

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