US Inflation Reaches 4-Month High as Bitcoin Bulls Retreat

Bitcoin’s price tumbled below $83,000 Wednesday after U.S. inflation climbed to 3.7%, its highest reading in four months. Gasoline prices jumped 9.1% in September, rattling Wall Street and complicating the Federal Reserve’s next move as another inflation report approaches. America’s inflation problem just got more expensive, and the war in Iran is helping foot the bill. The Bureau of Labor Statistics (BLS) reported Wednesday, Oct. 14, that the consumer price index (CPI) increased 0.6% in September, following August’s 0.4% advance. Annual inflation accelerated from 3.4% to 3.7%, edging past economists’ 3.6% forecast. The biggest culprit wasn’t housing or groceries.