US Inflation Higher Than Expected in August, Bitcoin Dips 4%

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It looks like crypto mining stocks are rallying from oversold regions, indicating that the price action we are experiencing today is a rebound from these regions.

Tuesday’s report was expected to show a much faster slowdown in prices as energy, gasoline and airfare prices – the main drivers behind high inflation in recent months – started to cool off.

But other sectors offset those price decreases and caused overall inflation to remain elevated. Health insurance, for example, rose 24.3% year-over-year, the largest increase ever. Food at home and rent prices were also one of the main drivers this month, up 13.5% and 15.8%, and services inflation rose above 6%.

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