US inflation rose by 0.6% in September, bringing the annual rate to 3.7%, up from 3.4% in August. Core inflation surprised by reaching 2.6% year-over-year, while economists had expected it to remain stable at 2.4%. Bitcoin fell by about 1.1% within minutes, dropping from $83,700 to $82,800 according to CoinGecko. The surge in gas prices, which jumped 9.1% in one month, accounts for more than half of the monthly rise in the overall index. The Federal Reserve, which raised rates by 25 basis points on September 16, now faces a dilemma ahead of its next meeting on October 28.
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