Quick Take
The latest US Consumer Price Index (CPI) data for March has surprised economists, revealing that inflation remains persistent despite aggressive monetary tightening by the Federal Reserve.
The headline inflation rate year-over-year (YoY) came in at 3.5%, slightly higher than the projected 3.4%, according to Trading Economics.
US Inflation Data: (Source: Trading Economics)On a month-over-month (MoM) basis, the inflation rate came in above expectations at 0.4%. The core inflation rate, which excludes volatile food and energy prices, exceeded projections. The core inflation rate YoY was 3.8%, higher than the anticipated 3.7%, while the core inflation rate MoM came in at 0.4%, surpassing the projected 0.3%, according to Trading Economics.
In response to the hotter-than-expected US inflation data, the price of Bitcoin fell to $68,000.
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