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Cryptocurrency News Articles
Trading Economics Data Shows Bitcoin Jumps above $59000
Jul 11, 2024 at 08:02 pm
Trading Economics data shows that June's Core Inflation Rate MoM (Month-over-Month) increased by 0.1%, slightly below the consensus of 0.2%
Fresh Trading Economics data reveals that June's Core Inflation Rate Month-over-Month (MoM) rose by 0.1%, which is marginally lower than the consensus of 0.2% and the previous month's 0.2%. This indicates a modest deceleration in core inflation, which excludes volatile components such as food and energy.
When examining the Year-over-Year (YoY) figures, we observe that Core Inflation stands at 3.3%, down from 3.4% previously and lower than consensus expectations. This suggests a slight easing of core inflation pressures over the year.
The overall Inflation Rate MoM decreased by -0.1%, diverging significantly from the consensus of a 0.1% increase and the previous month's 0% change. This unexpected decline points to potential deflationary pressures.
The YoY Inflation Rate remains at 3%, down from 3.3% in the previous period and slightly below the consensus of 3.1%. This suggests disinflation but is still above the Federal Reserve's typical target of 2%.
Bitcoin price rises above $59,000 on the news of the US CPI data.
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