- The crypto market’s CPI increased by 0.6% compared to the previous level of 0.2%.
- The market capitalization of the crypto market increased by almost 1%.
The cryptocurrency market has consistently responded to the United States Consumer Price Index [CPI] report in various ways. What has been the recent reaction of the crypto market to the latest CPI report?
How the August CPI played out
In August, the Consumer Price Index increased by 0.6%, which matched economists’ expectations of 0.6% and marked an increase from July’s 0.2%. On a year-over-year basis, CPI inflation climbed to 3.7%, exceeding forecasts of 3.6% and surpassing the previous month’s 3.2%.
The core CPI, which excludes food and energy costs, saw a 0.3% rise, surpassing economist expectations of 0.2% and compared to the 0.2% increase in the previous month.
However, on a year-over-year basis, core CPI decreased to 4.3%, aligning with economist forecasts and showing a decline from July’s 4.7%.
The latest CPI sees less social volume and dominance
A recent post from Santiment revealed that certain keywords related to the Consumer Price Index garnered increased attention compared to the previous iteration. Specifically, the term “CPI” generated a social volume of 581, while “inflation” received a social volume of 671.
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Author: Adewale Olarinde
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