U.S. CPI Softer Than Expected at 0.3% in April; Bitcoin Rises to $63.7K
The US Consumer Price Index (CPI) increased by 0.3% in April, slightly less than the 0.4% rise in March and economists' predictions. Year-on-year, the CPI rose by 3.4%, matching estimates and down from 3.5% in March. The core CPI, excluding food and energy costs, also increased by 0.3% in April, with a year-on-year rise of 3.6%, both in line with forecasts. Bitcoin's price rose over 1% following the report, reaching $63,700. Despite expectations of a decrease in inflation in 2023, inflation has slightly increased this year, reducing the likelihood of imminent central bank rate cuts. Retail sales data for April was flat, compared to forecasts of a 0.4% rise and March's 0.6% increase. The S&P 500 futures rose by 0.5% following the report, while the 10-year Treasury yield fell seven basis points to 4.37%. The US dollar index dropped by 0.5% and gold increased by 0.7%.
