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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Dec 11, 2024 13:43 UTC
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Crypto News Today: US Inflation Holds Steady at 2.7% in November
November's CPI rose slightly to 2.7%, aligning with forecasts and indicating a stable trend.
Core CPI also increased marginally, but overall CPI figures suggest progress in inflation control.
Bitcoin's price has risen following the CPI data release, with potential for further upward movement.
The U.S. Bureau of Labor Statistics has released the latest Consumer Price Index (CPI) data, shedding light on the inflation trend for November. The report indicates a slight increase in CPI to 2.7%, aligning with forecasts and marking a steady path toward financial stability.
Inflation Trends Show Gradual Growth
In November, the inflation rate increased by 0.1%, reaching 2.7%, as predicted. This marks the second consecutive monthly rise, following increases from 2.4% in September to 2.6% in October. The consistent upward trend points to growing inflationary pressures in the U.S. economy.
Economists warn that if inflation keeps rising at this rate, it could lead to an interest rate adjustment in December. Such a change might impact various sectors and influence market conditions.
Core CPI Insights
Core CPI, which excludes volatile food and energy prices, inched up to 3.3%, matching expectations. While this slight rise raises some concerns, the overall CPI numbers show progress in managing inflation.
Bitcoin’s Reaction to CPI Data
Bitcoin’s price reacted positively to the CPI report, climbing 2% to $98,859 after briefly surpassing $98,106. The cryptocurrency’s market cap now stands at $1.95 trillion, reinforcing its strength in the digital asset market.
Analysts are closely watching Bitcoin’s performance, with some expecting it to test the $100,000 support level before resuming its upward trend. This highlights Bitcoin’s increasing sensitivity to key economic indicators like inflation data.
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With inflation steady and Bitcoin hovering near a milestone, all eyes are on the December outlook. Stay tuned!
FAQs
CPI data measures the change in the price of goods and services purchased by consumers, indicating inflation trends and cost of living adjustments.
The CPI data release today live reflects a 2.7% inflation rate for November, aligning with forecasts and offering insights into U.S. economic stability.
Yes 
No 
