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The latest Consumer Price Index (CPI) report from the U.S. government shows that inflation in the U.S. stayed the same at 0.3% in May. This stable rate offers some hope for financial markets worried about rising prices.

Meanwhile, the CPI, which measures the costs of goods and services across the country, didn’t change from the previous month, but it increased by 3.3% compared to a year ago.

US CPI Cool Off 3.3%

As per the data released by the Labor Department’s Bureau of Labor Statistics (BLS), reveals that the U.S. Consumer Price Index (CPI) remained unchanged at 0.3% in May. This figure comes as a surprise to the market, which had anticipated a cooling of inflation to 0.1% for the month.

However, despite this unexpected surge, the year-over-year CPI inflation cooled slightly from last month of 3.4% to 3.3% in May.

Additionally, the Core CPI, which excludes food and energy prices, decreased to 0.2% in May from 0.3% the previous month. Yearly Core CPI also showed a decrease in inflation, dropping to 3.4% from 3.6% in April. Both of these decreases indicate cooling inflation, bringing bullishness into the market.

Market Response 

In response to the CPI report, the cryptocurrency market witnessed bullish momentum, particularly with Bitcoin experiencing a sudden surge in price. The leading cryptocurrency jumped from $66,800 to nearly $69,400, marking a 3.8% increase within a short span. 

Additionally, Bitcoin’s trading volume reached $27.8 billion, while its market capitalization climbed to $1.36 trillion.

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