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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.
Cooling US CPI Inflation Data
The November inflation rate increased by 0.1%, bringing it to 2.7%, as expected by the forecasted 2.7%. This represents the second consecutive month of rising inflation, from 2.4% in Sept and 2.6% Nov in. Such a consistent rise suggests growing inflation in the US.
Experts predict that if inflation continues to rise at this pace, it might pave the way for a rising interest rate cut in December. This potential policy shift could expert burden on various sectors.
Core CPI Insights
Core CPI, which excludes the volatile categories of food and energy, ticked slightly higher to 3.3%, aligning with the expected 3.3%. While this marginal increase raises questions, the broader CPI figures highlight progress in tackling inflation.
Bitcoin’s Reaction to CPI Data
Bitcoin’s price has risen by 2%, reaching $98,859, after briefly surpassing $98,106. Its market cap now stands at $1.95 trillion.
Meanwhile, some analysts suggest that Bitcoin could test the $100,000 support level before regaining its upward momentum.
