The highly anticipated Consumer Price Index data for March, the first full month of the war between the US and Iran, was announced minutes ago, showing what many expected that there’s a significant uptick in inflation.
Bitcoin’s price reacted immediately with some fluctuations as the asset had settled at around $72,000 before the data went live.
Recall that the inflation numbers for February matched expectations, showing an increase of 2.4% year-over-year and a 0.3% rise for the month.
The actual CPI data for March, though, indicated a more significant 0.9% month-over-month increase, and the biggest difference came from the energy sector due to the skyrocketing costs of fuel.
The core CPI’s rise was actually slightly lower than expected – 2.6% rather than what experts predicted – 2.7%.
BTC continues to trade above the $72,000 mark despite the rather worrying inflation data, which will align with a previous statement from US Fed Chair Jerome Powell that the central bank is unlikely to cut the rates in the next several months.
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