Economists had predicted a 0.5% increase in the Consumer Price Index (CPI) for January, a figure which was in line with their expectations and a 0.1% increase from the month prior.
Compared to the preceding month, January experienced a higher rate of inflation than expected, registering at 6.4% instead of the anticipated 6.2%. This number was up from December’s 6.5%.
January saw the core CPI, excluding food and energy costs, climb 0.4%, matching the forecast and staying level from December’s 0.4%. Year-over-year core CPI was higher than the 5.5% prediction, coming in at 5.6%, though down from 5.7% in December.
In the aftermath of the announcement, the value of BTC dropped roughly one hundred dollars, and was trading at $21,770 at the time of publication.
Markets are carefully monitoring the rate of inflation, which is still high but has been decelerating during the last few months. Should the deceleration continue, the Federal Reserve will have the opportunity to possibly stop increasing their reference rate. For now, investors are still anticipating the central bank to raise the Fed Funds rate another 25 basis points during the next two meetings (in March and May), and then pause.
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