Bitcoin spikes to $92,500 as U.S. December consumer prices rise 0.3%

U.S. inflation data came in line with expectations driving bitcoin BTC$92,118.12 briefly above $92,000 in the minutes following the report.

The consumer price index (CPI) rose 2.7% year over year in December, the same as in November, according to the Bureau of Labor Statistics’ Tuesday report and as economists had estimated.

Core CPI, which excludes food and energy, rose 2.6%, compared with forecasts of 2.7% and a prior reading of 2.6% in November.

On a month over month basis, headline inflation came in at 0.3%, similar to consensus expectations. Core inflation rose 0.2% month over month.

Hovering below $92,000 ahead of the report, bitcoin jumped to $92,500 before settling back to $91,830, up 1.1 over the past 24 hours. U.S. stock index futures rose around 0.3% after the report, while the U.S. 10-year Treasury yield dropped to 4.175% from over 4.19% ahead of the data.

Market participants were pricing in a 95% probability that the Federal Reserve would leave interest rates unchanged at its January meeting, the CME FedWatch tool showed.