The long-awaited US CPI inflation for January comes in hotter at 3% on a year-over-year (YoY) basis, up from the 2.9% noted in the prior month. This hotter-than-anticipated inflation figure has sparked market concerns over a potential crypto market crash ahead. Notably, digital assets have faced immense volatility lately due to macroeconomic concerns and the Fed’s hawkish stance which has weighed on the investors’ sentiment.
US CPI Advances Dampening Crypto Market Hope
In the latest development, the Labor Department reported that the US CPI inflation comes in at 3%, up from the prior month’s reading of 2.9%. On a monthly basis, the inflation rises to 0.5% in January, up from the 0.4% spike noted in the prior month. Notably, both these data come in hotter than the market expectations.
Simultaneously, the Core CPI, which excludes the food and energy prices, came in at 0.4% last month, up from the prior month’s figure of 0.2%. On the other hand, the core US CPI on a YoY basis soars to 3.3% as compared to December’s figure of 3.2%. Wall Street was expecting the Core CPI to come in at 3.1% on a YoY basis and 0.3% on a monthly basis.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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