U.S. Inflation Surges Faster Than Expected to 3-Decade High, CPI Report Shows

U.S. Inflation Surges Faster Than Expected to 3-Decade High, CPI Report Shows
The main U.S. inflation rate surged last month to its fastest in three decades, according to a Labor Department report Wednesday likely to be closely tracked by bitcoin traders. The Consumer Price Index for all items rose 6.2% in the 12 months through October, the highest since 1990. Economists had projected an increase in the October CPI of 5.9% over the past 12 months. Inflation is closely tracked by cryptocurrency traders, since many bitcoin investors say the digital asset – whose supply is limited by the underlying blockchain’s programming – can serve as a hedge against rising prices. Bitcoin’s price has…