US Inflation Steady at 3.4% as Bitcoin Recovers from Brief Dip

US inflation data released on September 13 showed that consumer prices increased by 0.4% in August, higher than July's 0.1% increase and in line with economists' forecasts.

The Consumer Price Index (CPI) remained at 3.4% year-on-year, while the core inflation measure, which excludes volatile food and energy costs, rose 0.3% during the month.

Gasoline prices were a significant contributor to last month's increase, soaring 3.9% and pushing the broader energy category up 2.1%.

BTC initially dropped to around $76,050 after the report was released but then recovered and traded above $77,100 at the time of writing.