Bitcoin retreated Wednesday following hot inflation data. The Bureau of Labor Statistics reported the Producer Price Index climbed 0.7% last month, beating economist expectations.
The annual rate accelerated to 3.4%, signaling persistent price pressures at the producer level. Core PPI rose 0.5%, reflecting sustained supply chain costs for ten consecutive months.
Energy and food prices drove gains, with diesel jumping nearly 14%. Services pricing also advanced, underscoring broad-based inflationary momentum across the economy.