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US Inflation Slows Unexpectedly; Bitcoin Rises

US inflation slows unexpectedly, Bitcoin rises

US CPI fell by 0.3% in November, with annual CPI at 2.7%.

In November, the US Consumer Price Index fell by 0.3%. On an annual basis, without seasonal adjustment, the CPI reached 2.7% (down from 3% in October). 

Last month, the report was not published due to the government shutdown. Data collection resumed on November 14. 

The seasonally adjusted index for all categories except food and energy rose by 0.2%. Energy and food prices increased by 1.1% and 0.1%, respectively. 

Data released by the US Bureau of Labor Statistics came in below analysts’ expectations. Experts had forecast a CPI value of 3.1%.

The Core CPI for November also fell short of consensus forecasts: 2.6% actual versus 3%. The figure dropped to its lowest level since 2021. 

Following the inflation data release, the S&P 500 declined by 1.1% to $6721, while the NASDAQ 100 rose by 1.1% to $25,172.

Bitcoin’s price reacted positively to the news, increasing by 1.5%. At the time of writing, the leading cryptocurrency is trading around $88,800. Meanwhile, Ethereum’s rate rose by 2% to approximately $2,900. 

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Hourly BTC/USDT chart on Binance. Source: TradingView. 

The cryptocurrency market capitalization decreased by 0.3%, according to CoinGecko.

Earlier, derivatives supporters hedged against the risk of Bitcoin falling below $85,000. 

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