US inflation cools down with Bitcoin reacting mildly to new CPI data

Quick Take

The recently released U.S. inflation data portrays a compelling story. The headline inflation Year-over-Year (YoY) for October was expected to be 3.3%, while it actually recorded a slightly slower pace at 3.2%, down from September’s 3.7%.

Similarly, the core inflation YoY, a measure excluding volatile food and energy prices, also displayed a downtrend. Expected at 4.1%, it arrived at 4%, a minor increase from September’s 4.1%. This lower-than-anticipated inflation data suggests a slight cooling off in the inflationary pressures, which have been a significant concern for the U.S. economy.

Interestingly, concurrently with the CPI release, Bitcoin experienced a minor flux. The cryptocurrency, known for its volatility, was valued at $36,300 before the CPI data was made public and climbed slightly to $36,600 after that.

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