The Consumer Price Index is important to bitcoin investors who are watching for signs of inflation. U.S. Consumer Price Index goes by 5% in the 12 months through May, marking the largest yearly increase since August 2008, and exceeding the 4.7% increase expected by economists.
Core CPI, which excludes food and energy prices, rose 3.8% year-over-year, also higher than economists’ expectations of a 3.5% increase. On a month-to-month basis, consumer prices rose 0.6% after increasing 0.8% in April, according to the report. Excluding food and energy, the index rose 0.7% on the month.
The CPI report is particularly important for some cryptocurrency investors who view bitcoin (BTC, -0.81%) (BTC) as a hedge against inflation and currency debasement.
Source:https://www.coindesk.com/us-inflation-rises-faster-than-expected-may