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US Inflation Drops to 3.3% – Bitcoin and Crypto Prices Soar

US Inflation Drops to 3.3% – Bitcoin and Crypto Prices Soar

The most recent report by the Labor Department shows that there was no change in the consumer price index (CPI) in May, which means that there was a small relief of the inflationary pressures on the U.S. economy.

The Bureau of Labor Statistics revealed that although the CPI index remained unmoved from the month before, there was a 3.3% positive change in the last year.

Economists, who participated in the study before the release of the report, had predicted a 0.1% upsurge at the end of the month and a 3.4% annual rate.

READ MORE: Trump Holds Talks with Bitcoin Miners, Backs Crypto Sector

The core CPI, which is the main index for such purposes, showed a 0.2% growth from the previous month and a 3.4% growth on a year-over-year basis. This was below expectations, as the hikes had been estimated at 0.3% and 3.5%, respectively.

After the report Bitcoin and most cryptocurrencies surged. At the time of writing Bitcoin is trading at $69,300 after gaining 3.1% in the past 24 hours.

Ethereum also registered an uptick by 2.6% and is currently trading at $3,630.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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