US Inflation Hits 8.5%, Slightly Higher Than Expected

cryptonews.com:

US headline inflation for March came in at 8.5%, slightly above analysts’ expectations. The number is up markedly from February’s reading of 7.9%.

“The all items index continued to accelerate, rising 8.5% for the 12 months ending March, the largest 12-month increase since the period ending December 1981. The all items less food and energy index rose 6.5%, the largest 12-month change since the period ending August 1982,” the US Bureau of Labor Statistics wrote.

Analysts’ expectation for the headline inflation last month was 8.4%, while the core CPI (consumer price index) was expected at 6.6%, once again marking the highest inflation in the US since the early 1980s.

Headline inflation is the commonly quoted inflation number that includes all consumer prices, while core CPI excludes prices on food and energy.

US headline inflation rate last 10 years:

Ahead of the release of the inflation number, crypto markets were already trimming losses after heavy selling on Monday. Similarly, S&P 500 stock index futures in the US also pointed up slightly after a red day yesterday.

According to Marcus Sotiriou, an analyst at the UK-based digital asset broker GlobalBlock, the recent weakness in the crypto market can mainly be put down to the current macro headwinds at hand.

"With soaring inflation, retail investors do not have enough money to invest significant amounts in what they deem as ‘risky’ assets like cryptocurrencies," he said in an emailed note.

Today’s inflation report comes after energy prices in particular have risen strongly in the wake of Russia’s full-scale attack on Ukraine, which began on February 24.

The figure was also released after White House spokesperson Jen Psaki yesterday said the administration expects headline inflation