Bitcoin saw slight price fluctuations after the latest inflation figures were released.
The United States Department of Labor published the closely watched Consumer Price Index data for February, which is the final inflation report before the upcoming meeting of the Federal Open Market Committee next week.
Analysts accurately predicted the results. The CPI rose by 0.3 percent in February and recorded a 2.4 percent increase compared with the same period last year.
The monthly increase was slightly higher than January’s figure of 0.2 percent. Core CPI, which removes the more volatile categories such as food and energy, increased by 0.2 percent and matched forecasts. In January, the month to month rise for core CPI had been slightly higher at 0.3 percent.
Housing, which represents the largest component of the overall CPI, increased by 0.2 percent for the month and 3 percent on a yearly basis. Rent increased by 0.1 percent, marking the smallest monthly rise in more than five years.
Because the data aligned with expectations, analysts believe the Federal Reserve is likely to keep interest rates unchanged at the next policy meeting.
Following the release of the inflation data, the price of Bitcoin showed mild volatility. The asset moved from about 69,000 dollars to roughly 69,800 dollars before retreating to around 69,300 dollars at the time of reporting.Inflation figures appear to be having a smaller effect on Bitcoin’s price movements than in the past, as global financial markets remain focused on the ongoing conflict involving the United States, Israel, and Iran.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
