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US Inflation Data See Bitcoin and Equities Drop Ahead of Retail Sales

1 min
Updated by Geraint Price
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In Brief

  • The US Core Consumer Price Index came in slightly hot at 3.7% year-on-year, causing a brief dip in equities and Bitcoin.
  • The markets soon recovered as investors await retail sales ahead of the Fed board meeting next week.
  • The US Fed considers CPI, PCE, and labor data when determining the strength of the US economy and labor.
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The US Consumer Price Index (CPI) rose 0.6% month-on-month in August and 3.7% year-on-year, causing a brief decline in equities, with the S&P 500 falling one-quarter of a basis point. Bitcoin (BTC) was down from $26,178 to $26,125, while Ethereum (ETH) fell slightly from $1,601 to $1,596. 

So-called core inflation rose three-tenths of a percent in the last month and 3.7% year-on-year. The cost of shelter increased 0.3%, while the prices of used cars and trucks fell 0.1%.

Investors Turn to CPI

The US Federal Reserve uses CPI, the Personal Consumption Expenditure Index, and US labor data to inform its rate policy decisions. The central bank will meet next week to decide whether to increase rates to bring annual headline inflation back to 2%.

How can you use cryptocurrency to shield yourself from inflation? Click here to learn more.

US CPI picks up in August
US YoY CPI | Source: YCharts

Shortly after the CPI print, markets returned to pre-trading levels as investors await the next retail sales numbers due on Thursday.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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