CPI vs PPI: why crypto reacted to both last week CPI tracks what consumers pay for everyday goods and services. PPI tracks what producers get paid before those goods reach a store. When producer prices rise, some of that usually reaches consumers later, which is why markets treat PPI as an early warning. Last week both came in hot. CPI rose to 3.7% against 3.6% expected, and a day later PPI jumped to 6.3% against 5.3%, its highest in more than four years. Hotter inflation raises the odds of higher rates, which lifts yields and the dollar and weighs on crypto. BTC briefly dipped below $80,000 before recovering to around $83,000. Next up: the Fed meets October 27–28. Do you follow PPI, or just CPI?