#HotJulyPPI
JULY PRODUCER PRICE INDEX (ppi) INCREASE CRASHES CRYPTO MARKET
The U.S. Producer Price Index (PPI) for July increased by 0.9% compared to the previous month and by 3.3% from a year earlier, significantly surpassing predictions of 0.2% and 2.5%.
This marked the biggest monthly rise since June 2022, driven by escalating service costs in machinery wholesaling, portfolio fees, hospitality, and freight, as well as a rise in prices for vegetables and meat.
The unexpectedly high data rekindled worries about inflation, reducing expectations for a Federal Reserve interest rate cut and leading traders to reevaluate the most suitable cryptocurrencies to invest in within a more cautious environment.