Do repost and rate:
U.S. consumer prices rose to 4.2% in the 12 months through April, the fastest pace since 2008, the Labor Department’s Bureau of Labor Statistics (BLS) reported Wednesday.
The latest reading on the Consumer Price Index (CPI) inflation report exceeded economists’ average estimate for a 3.6% increase, and it compares with a 2.6% increase reported last month.
The CPI report is particularly important for some cryptocurrency investors who view bitcoin (BTC) as a hedge against inflation and ongoing currency debasement. However, concerns about higher inflation beyond the 2% threshold could cause the Federal Reserve to tighten monetary policy, which could weigh on risk assets.
- On a month-to-month basis, headline April CPI increased 0.8%, beating expectations for a 0.2% rise after a 0.6% gain in March.
- The index for all items less food and energy rose 0.9% in April, its largest monthly increase since April 1982, according to the BLS.
- Nearly all major components of the CPI increased in April, including prices for used cars, trucks, shelter and airline fares – a sign that pent-up demand is fueling a rebound in economic mobility.
