U.S. consumer inflation accelerated in September, reaching 3.7% over the year, while SoFi Technologies shares fell 6.69% Wednesday; the same-day figures do not establish a link between the two.
The U.S. Bureau of Labor Statistics (BLS) said the Consumer Price Index (CPI) was 3.7% higher than a year earlier, compared with 3.4% through August. After seasonal adjustment, the index rose 0.6% from August. Core CPI, which excludes food and energy, increased 0.3% for the month and 2.6% over the year.
Nasdaq and Yahoo Finance historical data show SoFi closed at $15.80 on Oct. 9 and $14.22 on Wednesday, a 10% decline between those dates. The move from the Oct. 13 close of $15.24 to Wednesday’s finish was $1.02.
The BLS issued the September figures at 8:30 a.m. ET (12:30 UTC) Wednesday, before trading ended. The timing alone does not show that the inflation release drove SoFi’s decline. The agency has scheduled its October CPI report for Nov. 10 at 8:30 a.m. ET.
