Bitcoin ($BTC) was falling after a government report showed that the 12-month U.S. inflation rate slowed to 8.3% in April. Core inflation rose 0.6% from the prior month, faster than expected and double the prior month's rate HeleneBraunn reports
The consumer price index , the most widely used gauge to track inflation, dropped to 8.3% in April from a year earlier, down from 8.5% in March, a four-decade high, according to a report from the U.S. Labor Department published Wednesday. Economists had estimated an 8.1% rate for April.
“The year-on year-numbers are going to come down, almost no matter what,” said Eric Winograd, senior vice president and director of developed-market economic research at AllianceBernstein. ”That isn't particularly meaningful, because it doesn't tell us what's really going on with prices right now. It tells us what went on with prices a year ago.”
Compared to inflation reports earlier this year, April’s report could be less significant for traders in general, as they track inflation to make assumptions about what the Federal Reserve might do to keep it in check.
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