While headline inflation came in faster than hoped in December, investors for the moment are in buy mode after an unexpected decline in the year-over-year core rate.
The closely-watched Consumer Price Index (CPI) increased 0.4% in December, slightly higher than analyst consensus and the previous month’s 0.3%. On a year-over-year basis, CPI was up 2.9%, compared to analyst forecasts for 2.9% and previous month’s reading at 2.7%.
Core CPI, which excludes food and energy costs, rose 0.2% in December, versus expectations for 0.2% and the previous month’s 0.3% figure. Core CPI year-over-year, however, dipped to 3.2% against forecasts for 3.3% and the November rate of 3.3%.
The core pace of inflation is of considerable import to policymakers, who have expressed at least a modest bit of frustration over its stickiness above 3% as headline inflation fell at a far quicker pace.
The price of bitcoin (BTC) rose about $1,500 in the minutes following the report to $98,500 following the report, up 2
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