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The latest report on the Consumer Price Index (CPI) issued by the U.S. government indicates U.S. inflation remained unchanged at 0.3% in May, providing a ray of hope for financial markets amidst concerns of escalating price pressures.
US CPI Drop To 3.3%
As per the data released by the Labor Department’s Bureau of Labor Statistics (BLS), reveals that the U.S. Consumer Price Index (CPI) remained unchanged at 0.3% in May. This figure comes as a surprise to the market, which had anticipated a cooling of inflation to 0.1% for the month.
However, despite this unexpected surge, the year-over-year CPI inflation cooled slightly from 3.4% to 3.3% in May.
Market Response
In response to the CPI report, the cryptocurrency market witnessed bullish momentum, particularly with Bitcoin experiencing a sudden surge in price. The leading cryptocurrency jumped from $66,800 to nearly $69,000, marking a 3.8% increase within a short span.
Additionally, Bitcoin’s trading volume reach $27.8 billion, while its market capitalization climbed to $1.36 trillion.