U.S. CPI Inflation Rises 0.1% in March, Slower Than Forecasts for 0.2%

The bitcoin price rose nearly 1.5% to $30,430 in the minutes following the better-than-expected news.

AccessTimeIconApr 12, 2023 at 12:40 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

The U.S. Consumer Price Index (CPI) rose 0.1% in March, down from 0.4% a month previously, and slower than economist forecasts for 0.2%, according to the Bureau of Labor Statistics (BLS).

On a year-over-year basis, the CPI was higher by 5.0%, down from 6.0% in February and against expectations for 5.2%.

The core CPI – which strips out often volatile food and energy prices – was up 0.4% in March versus 0.5% in February and in line with forecasts for 0.4%. On a year-over-year basis, core CPI was up 5.6% versus 5.5% in February and in line with forecasts for 5.6%.

The price of bitcoin (BTC) – which earlier this week topped $30,000 for the first time since June 2022 – rose nearly 1.5% to $30,430 in the immediate aftermath of the report.

Bitcoin's gains of late have at least part been influenced by ideas the U.S. Federal Reserve – perhaps as soon as its May 2-3 meeting – was set to end its year-plus string of interest rate hikes. Wednesday's softer-than-forecast inflation figures may give fuel to those dovish hopes.

Alongside gains for bitcoin, U.S. stock index futures have turned higher following the report, with the Nasdaq ahead 1.1% and S&P 500 up 0.9%. The price of gold is also advancing, up 1.1% to $2,042 per ounce.

Bond yields and the dollar are sliding, with the 10-year U.S. Treasury yield lower by 5 basis points to 3.38% and the U.S. dollar index down 0.6%.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.