The post April CPI Release Hit Hard with 3.4%; BTC Price Surge To $64K appeared first on Coinpedia Fintech News
The Consumer Price Index, the key inflation indicator issued by the U.S. government, rose to 3.4% over the last 12 months in April, signaling sustained price growth in the economy. This figure surpassed market expectations, which had anticipated a decrease to 2.9%.
In parallel, the price of Bitcoin experienced a sudden surge to $64k, marking a 3.57% increase within the past 24 hours.
US CPI Cool Off: 3.4%
U.S. consumer prices rose less than expected in April, indicating a potential slowdown in inflation at the start of the second quarter. This news has raised hopes in financial markets for a possible interest rate cut in September.
The Consumer Price Index (CPI) increased by 3.4% over the 12 months ending in April, a slight dip from the 3.5% rise seen in March. Despite this, progress in curbing inflation has stalled, with the annual increase still significantly above pre-pandemic levels (9.1% in June 2022).
The Labor Department’s Bureau of Labor Statistics (BLS) reported a 0.3% rise in the consumer price index last month, following increases of 0.4% in both March and February. This latest data suggests a slowdown in price growth, aligning with expectations for a gradual easing of inflationary pressures in the coming months.
