The latest US Consumer Price Index (CPI) reading for April has sparked concerns among market analysts, as energy costs surged, contributing to a 3.8% year-over-year increase.
The Bureau of Labor Statistics reported that the CPI rose 0.6% in April on a seasonally adjusted basis, with core inflation, excluding food and energy, coming in at 0.4% for the month and 2.8% over the past twelve months.
Market participants are now focusing on the upcoming May CPI data, due out on June 10, which is expected to show a further rise in inflation to 3.9%, potentially putting additional pressure on rate cut expectations and crypto markets.