The U.S. Consumer Price Index (CPI) rose 0.1% in March, down from 0.4% a month previously, and slower than economist forecasts for 0.2%, according to the Bureau of Labor Statistics (BLS).
On a year-over-year basis, the CPI was higher by 5.0%, down from 6.0% in February and against expectations for 5.2%.
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The core CPI – which strips out often volatile food and energy prices – was up 0.4% in March versus 0.5% in February and inline with forecasts for 0.4%. On a year-over-year basis, core CPI was up 5.6% versus 5.5% in February and inline with forecasts for 5.6%.
The price of Bitcoin (BTC) – which earlier this week topped $30,000 for the first time since June 2022 – rose nearly 1.5% to $30,430 in the immediate aftermath of the report.
Bitcoin’s gains of late have at least part been influenced by ideas the U.S. Federal Reserve – perhaps as soon as its May 2-3 meeting – was set to end its year-plus long string of interest rate hikes. This morning’s softer-than-forecast inflation figures may give fuel to those dovish hopes.