Summary
- The US June Consumer Price Index (CPI) rose 3.5% from a year earlier, below the 3.8% market forecast, signaling a continued slowdown in inflation.
- June core CPI, which excludes food and energy, rose 2.6% from a year earlier, also below the 2.8% market forecast.
- Immediately after the release, Bitcoin traded at $63,348, up 0.62%, as expectations grew that cooling inflation could ease some of the Fed's tightening burden.
Forecast Trend Report by Period
US consumer prices rose less than expected in June, extending the recent slowdown in inflation.
Data released on July 14 showed the Consumer Price Index increased 3.5% from a year earlier. That was below the 3.8% market forecast and down from 4.2% in the previous month.
On a monthly basis, CPI fell 0.4%. The decline was steeper than the market forecast for a 0.1% drop and marked a reversal from the prior month's 0.5% gain.
Core CPI, which excludes food and energy, also came in below expectations. It rose 2.6% from a year earlier in June, below the 2.8% market forecast and the previous month's 2.9%.
Core CPI was unchanged from a month earlier. That was below the 0.2% market forecast and the prior month's 0.2% increase.
Bitcoin traded at $63,348, up 0.62%, immediately after the release.
The CPI report was released as tensions in the Middle East and concerns over rising global oil prices persisted. The softer inflation reading fueled expectations that the Federal Reserve may face less pressure to pursue additional tightening.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.