US Inflation Data: January CPI at 3.1%
The U.S. Bureau of Labor Statistics has released the consumer price index (CPI) inflation data for January, revealing that inflation stood at 3.1%. Although slightly lower than December’s figure of 3.4%, it still exceeded market estimates of 2.9%.
US Core CPI Beats Market Estimates
The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.3% in January, following a 0.2% rise in December, according to the U.S. Bureau of Labor Statistics. Over the past year, the all-items index has seen a 3.1% increase before seasonal adjustment.
Economists surveyed by Reuters had predicted an annual consumer inflation rate of 2.9% in January, compared to the 3.4% growth seen in December. This lower-than-expected CPI inflation may provide room for the U.S. Federal Reserve to consider reducing interest rates in the coming months.
Bitcoin Slips Following Inflation Data
After the release of the US CPI data, Bitcoin prices experienced a decline. At the time of writing, the original cryptocurrency had dropped slightly to $49,480.99 from its previous value of $49,536 per coin.
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