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- April’s CPI inflation rate was recorded at 4.9%, compared to the anticipated rate of 5%.
- Bitcoin’s value has risen by 3% over the past 24 hours, currently trading at $28,266.
The US Bureau of Labor Statistics reported that the annual inflation rate in the United States for April was 4.9%, which is below the expected consensus of 5%.
Furthermore, following a 5.6% increase in March, the annual core inflation rate has decreased to 5.5% in April. This has led to a rise in Bitcoin’s price amid speculation that the US Federal Reserve may pause and subsequently implement interest rate cuts.
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April’s CPI inflation rate of 4.9% is lower than the expected 5%, marking the lowest level since April 2021.
Fed Expected to Ease Interest Rate?
With annual inflation falling below 5% in March, there is a possibility that the Federal Reserve may alter its approach in the upcoming months. However, the US Federal Reserve has increased interest rates by another 25 basis points, raising risks for banks and the economy. As the debt ceiling and financial crisis loom, easing inflation may provide the Fed with the opportunity to lower interest rates.
The food index saw an increase of 7.7 percentage points, while the energy index experienced a decline of 5.1 percentage points. The year-over-year CPI increase of 0.4% aligned with market expectations but was significantly higher than the 0.1% rise recorded in March.
As reported by CMC, Bitcoin’s price has surged by 3% in the last 24 hours, now exceeding $28,266. Additionally, ether’s price has risen by 2% over the past day, surpassing $1878.
