US inflation came in above forecasts in October, increasing expectations of a bigger rate hike in December and raising concerns for crypto investors.
Crypto industry experts warned on Tuesday that higher-than-expected US inflation could lead to a another Federal Reserve interest rate hike, making borrowing more expensive and potentially discouraging investment in cryptocurrencies.
The US Consumer Price Index (CPI) rose 0.4% month over month in October, above economists’ forecast of 0.3%, according to the Bureau of Labor Statistics - a slower increase than September’s 0.6% rise. Core inflation, which excludes food and energy prices, rose 0.3%, above the expected 0.2%.
Currently, the Federal Reserve holds its benchmark interest rate at 3.75% to 4.00%, after raising it by a quarter-point in September and leaving it unchanged in October.
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