Underlying economic pressures in the U.S. remain stickier than the consumer price index figure released Wednesday implies, according to macroeconomic writer Mike “Mish” Shedlock.

The CPI report showed inflation slowed in July amid a short retreat in energy prices.

In a blog post Wednesday, Shedlock noted that temporary drops in energy and gasoline prices make the headline figure look small. However, underneath, inflation remained sticky and food prices are undercounted by Bureau of Labor Statistics methods. He also argued that the index ignores key housing costs such as property taxes, insurance and home prices.

This could be why the marginal month‑on‑month increase and the year‑on‑year decline in CPI did not translate into a material softening of the Dollar Index, and therefore offered little support for bitcoin (BTC).

The cryptocurrency continues to trade choppy under $64,000.