Bitcoin (BTC) declines toward $73,000 on Tuesday following October’s hotter-than-expected US Consumer Price Index (CPI) report, which triggered renewed concerns about the Federal Reserve’s (Fed) interest rate outlook.

US inflation exceeds expectations in October

US consumer prices increased 0.4% month over month in October, exceeding economists’ expectations of a 0.3% increase, according to data released by the Bureau of Labor Statistics (BLS). However, the reading represents a slowdown from September’s 0.6% increase.

Core CPI, which excludes volatile food and energy prices, increased 0.3%, above forecasts of 0.2%. The reading was unchanged from September, suggesting that underlying inflationary pressures have yet to ease.

The BLS did not…