Key Takeaways
- US CPI inflation data aligns with market expectations at 3.4% year-over-year.
- Retail sales stagnated at 0%, below the expected 0.4%.
- Bitcoin surged to $64,000 following the CPI data release.
The much-anticipated US Consumer Price Index (CPI) inflation data has aligned with economic forecasts, causing a significant rise in Bitcoin’s value to $64,000.
According to Trading Economics, headline inflation year-over-year was 3.4%, matching the anticipated figures.
Core inflation also met expectations, coming in at 3.6% year-over-year.
While the monthly inflation rate was 0.3%, it fell slightly short of the expected 0.4%.
However, core inflation month-over-month aligned with projections at 0.3%.
Retail sales
Retail sales data showed a stagnation at 0% month-over-month, significantly below the expected 0.4%.
This substantial drop in retail sales is likely to eliminate any prospects of a near-term rate hike.
In response to these developments, Bitcoin surged to $64,000.
