Latest CPI Data Shows Searing Inflation Continues to Thrive in the US, Consumer Prices Jump 8.2% in September Crypto Briefing

The latest inflation data from the United States indicates that consumer prices have continued to climb despite expectations of a slowdown. The summary of the consumer price index (CPI) released Thursday shows an increase of 8.2% on the year to September, and the benchmark index has seen the largest annual increase since 1982.

September CPI data was worse than expected, report signals aggressive Fed rate hike on horizon, global markets shake

US inflation figures for September are out and the inflation rate, or CPI, is worse than expected. According to the CPI summary from the United States Bureau of Labor Statistics released on October 13, the report shows that “the consumer price index for all urban consumers (CPI-U) increased by 0.4 % in September on a seasonally adjusted basis after rising 0.1% in August.” The Bureau of Labor Statistics report adds:

Over the past 12 months, the index for all components increased by 8.2% before seasonal adjustment.

Latest CPI data shows searing inflation continues to thrive in the US, consumer prices jumped 8.2% in September

The latest CPI statistics also show that “the index for all items less food and energy rose 0.6% in September, similar to August.” Immediately after the report was released, all four major U.S. stock indexes fell significantly against the U.S. dollar, with the Nasdaq taking the most losses on Thursday. Crypto and precious metals markets followed the same pattern, led by equity markets in falling in value against the greenback after the release of the CPI report.

Precious metals like gold and silver were also hit on Thursday, with gold down 1.37% per troy ounce and silver down 1.68%. Platinum and palladium also posted losses of between 1.59% and 2.91%. Thursday’s metrics further show that the crypto economy has suffered heavy losses as well, as the total market capitalization of all digital assets in existence slipped below the $900 billion mark.

At the time of writing, the global crypto market cap is around $886.38 billion, down nearly 4% in the last 24 hours. Of course, the worse-than-expected inflation data from the Bureau of Labor Statistics’ CPI report leads investors to believe that an aggressive Federal Reserve will raise the federal funds rate another 75 basis points (bps). According on the Twitter account, the “Fed funds futures [is] price now [in a] 100% chance of a 75bp Fed rate hike to [the November] meeting according to IPC data.

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What do you think of the latest inflation report from the US Bureau of Labor Statistics and the market’s reaction to it? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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