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US CPI for July: Inflation Lower than Forecast

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by Giorgi Kostiuk

19 hours ago

The recently released US Consumer Price Index (CPI) data for July showed that inflation was lower than expected.

CPI Results

The regular CPI stood at 2.7% year-over-year, below the forecast of 2.8%. The Core CPI, which excludes volatile sectors such as energy and food, registered at 3.1%, which is 0.1% higher than previously thought.

Impact on Fed's Monetary Policy

The latest data should be viewed as a positive sign for crypto bulls, as it may encourage the Federal Reserve to lower interest rates after its next FOMC meeting in September. The central bank aims for a healthy inflation rate of around 2%.

Market Reaction

The crypto market reacted positively to the CPI report, with Bitcoin (BTC) spiking above $119,000, while Ethereum (ETH) performed even better, reaching a valuation of $4,350.

The US Consumer Price Index results for July highlighted a lower inflation level than expected. This may influence the Federal Reserve's upcoming decisions on rate cuts and the direction of the cryptocurrency market.

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