The US Producer Price Index (PPI) for January revealed a rise of 3.5%, surpassing December’s 3.3%, signaling persistent inflation concerns.
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This increase follows the recent surge in the Consumer Price Index (CPI), adding pressure to the market. Despite these grim inflationary figures, Bitcoin’s price has unexpectedly surged, surpassing the $96,000 mark. The latest PPI data, released by the Labor Department, has stirred fears of potential market instability, yet Bitcoin’s value has continued to rise.
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The annual PPI increased by 3.5% in January, up from the 3.3% recorded in December, while monthly inflation showed a 0.4% rise, double the previous month’s 0.2%. These figures exceeded Wall Street’s expectations.
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The Core PPI, which excludes food and energy, also saw an uptick, rising to 3.4% from 3.3% in December. On a monthly basis, the Core PPI rose by 0.3%, higher than the prior month’s 0.1%. Analysts had anticipated a 3.3% year-over-year increase and a 0.2% monthly rise for the Core PPI. Despite the inflation data, Bitcoin’s market response remains robust, showcasing resilience in the face of rising inflation pressures.
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