Summary
- The US April Producer Price Index (PPI) fell 0.5% month-over-month, below the market expectation of a 0.2% increase.
- The Producer Price Index is considered a leading indicator of consumer prices, and this decline raises the possibility of a slowdown in consumer prices.
- Bitcoin rose slightly following the announcement of the PPI decline, but it is still in a correction phase.
The United States' April Producer Price Index (PPI) fell below market expectations. Producer prices are considered a leading indicator of consumer prices as they are reflected in final consumer goods prices after a certain period.
According to the US Department of Labor on the 15th (local time), the US April PPI fell 0.5% from the previous month. This figure is below the market expectation of a 0.2% increase and marks the largest drop since April 2020. On a year-over-year basis, it rose 2.4%, also below the market expectation of 2.5%.
Bitcoin (BTC) rose slightly following the announcement that wholesale prices, a leading indicator of consumer prices, are cooling. As of 21:32 on the same day, BTC was trading at $102,654 on the Binance USDT market, down 1.31% from the previous day.
The number of new unemployment claims in the US for the past week, announced at the same time, was 229,000, in line with market expectations.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.