Will Bitcoin Recover $28K Over US CPI Inflation Report?

CoingapePublished on 2023-09-12Last updated on 2023-09-13

Abstract

The US Bureau of Labor Statistics is set to release the inflation measure, the US Consumer Price Index (CPI) data for the month of August 2023 on Wednesday, September 13. In the past, encouraging inflation data reports have triggered Bitcoin price (BTC) rally.


The US Bureau of Labor Statistics is set to release the inflation measure, the US Consumer Price Index (CPI) data for the month of August 2023 on Wednesday, September 13. In the past, encouraging inflation data reports have triggered Bitcoin price (BTC) rally.

The CPI is a key index that measures price change over a period of time. The data measures the increase or decrease in the price paid by the urban consumers on a monthly basis for a market basket of consumer goods and services.
US CPI For August 2023
The financial markets have shown signs of anticipation of the US Federal Reserve maintaining stance that requires keeping interest rates high in the context of strong economic data. Hence, investors will be closely watching the CPI data release for August, to be able to assess the central bank’s upcoming decision during the Federal Open Market Committee (FOMC) meeting scheduled between September 19-20, 2023.
The Bureau had earlier reported that in July 2023, the CPI for all urban consumers increased 0.2 percent, seasonally adjusted, and rose 3.2 percent over the last 12 months, not seasonally adjusted. In comparison, the wider market expectation is that the CPI for August increased by 0.6%, while the headline inflation for August is expected to come out around 3.6% year on year.

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