As a seasoned crypto investor with over a decade of market experience under my belt, I’ve learned to navigate through turbulent economic waters and ride the waves of volatility that come with investing in digital assets. The recent US Producer Price Index (PPI) data, showing a 2.4% increase, is yet another piece of evidence pointing towards rising inflation rates.
The most recent US Producer Price Index (PPI) indicates an increase in inflation to 2.4%, up from the previous reading of 1.9% in September. This follows a rise in the Consumer Price Index (CPI) inflation figure for the first time in eight months, announced yesterday. Furthermore, these numbers have heightened market worries because they play a significant role in the Federal Reserve’s determination regarding their monetary stimulus strategy.
Nevertheless, even though the Consumer Price Index (CPI) inflation figures turned out to be higher than expected, Bitcoin has persisted in its upward trajectory, reaching a fresh all-time high of $93,000.
US PPI Inflation Came In At 2.4%
In October, the most recent figures from the Labor Department indicated that the U.S. Producer Price Index (PPI) inflation rate was 0.2%. This is compared to no change in the previous month and the highest rate since August 2024. On an annual comparison (Year-over-Year), the inflation stood at 2.4%, a rise from the 1.9% recorded in September.
As a crypto investor, I’ve just learned that the Core Producer Price Index, which doesn’t include food and energy costs, increased by 0.3% this month compared to 0.1% last month and contrary to the anticipated 0.2%. On a year-over-year basis, the core inflation rate in October was 3.1%, higher than both September’s 3% and the expected 2.8%.
As a researcher, I’ve observed that the unexpectedly high US Producer Price Index (PPI) inflation data has added more momentum to market conjectures about the U.S. Federal Reserve’s impending policy rate decisions. It’s worth noting that the recent Consumer Price Index (CPI) inflation figures also showed a surge, suggesting a potentially aggressive stance from the Fed regarding any upcoming rate cut decisions.
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2024-11-14 17:07