- U.S. CPI dips to 3.3%; Bitcoin reacts positively, underscoring its role as an inflation hedge.
- A modest rise in medical and shelter costs influences the slight decrease in annual CPI, impacting financial markets.
- Investors eye Bitcoin following the CPI release, suggesting growing cryptocurrency trust amid inflation concerns.
The latest U.S. Consumer Price Index (CPI) for May 2024 rose 3.3% annually, slightly below the forecast of 3.4% and April’s figure. This continues the trend seen in recent months, with the CPI hovering around the 3.3% to 3.5% range.
Month-over-month, the CPI increased by 0.31%, reaching a value of 313.21. Notably, this month’s CPI data showed varied movements across categories:
- The medical care index saw a marginal increase of 0.4%.
- Used cars and trucks experienced a notable decline of 1.4%.
- Energy and food prices saw minor increases, contributing to the overall change.
The shelter index, a major component of the CPI, remains a primary driver of the year-over-year increase.
This CPI data is crucial as it influences economic policy and provides insights into inflation trends, key indicators of economic health.
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