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  • U.S. CPI data for the month of July shows an 8.5% inflation rate from a YoY perspective.
  • Market expectations suggested inflation would fall from 9.1% to 8.7% in July.
  • Bitcoin claimed $24,000 following CPI data release.

Consumer price index (CPI) inflation data shows a year-over-year (YoY) increase of 8.5% for the month of July as bitcoin overtakes $24,000.

During the month of June, CPI rose to a fresh 40-year high of 9.1%, largely due to YoY increases in energy and energy commodities. Therefore, investors and consumers alike anxiously awaited this month’s inflation report in order to determine whether or not the Federal Reserve’s continued rate hikes were helping keep inflation under control.

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