According to CoinMeta, macroeconomic writer Mike Mish Shedlock pointed out that inflationary pressures in the United States are more stubborn than the milder CPI data suggested in July. Although CPI reports indicated that inflation slowed down in July due to a temporary decline in energy prices, Shedlock mentioned in a blog post on Wednesday that the temporary drop in energy and gasoline prices made the headline figures seem smaller. However, actual inflation remains stubborn, and food prices are underestimated under the Bureau of Labor Statistics' methodology. He also noted that the index ignores key housing costs such as property taxes, insurance, and housing prices. This may be why the slight month-over-month increase and year-over-year decline in CPI did not translate into a substantial softening of the dollar index, thus providing little support for Bitcoin ( BTC ). The cryptocurrency is still fluctuating below $64,000.