Eurozone Inflation Data Released: Bitcoin’s Response Revealed
The latest Eurozone inflation data has just been released, and Bitcoin, the leading cryptocurrency in the world, has responded to the news. The Eurozone core CPI was reported to be 2.9% annually, in line with expectations and previous figures. Meanwhile, the Eurozone annual CPI stood at 2.6%, matching estimates as well.
Despite a decrease in Bitcoin’s price earlier in the day, the cryptocurrency’s reaction to the publication of the inflation data was to maintain a horizontal trajectory. A year ago, the inflation rate was much higher at 6.1%. In May 2024, the European Union’s annual inflation rate rose to 2.7% from 2.6% in April. One year prior, this figure was significantly higher at 7.1%. These statistics were released by Eurostat, the statistical office of the European Union.
Among the Eurozone countries, the lowest annual inflation rates were reported in Latvia (0.0%), Finland (0.4%), and Italy (0.8%). On the other hand, the highest annual rates were observed in Romania (5.8%), Belgium (4.9%), and Croatia (4.3%). Compared to April, eleven member states saw a decrease in annual inflation, two remained stable, and fourteen experienced an increase.
In terms of contributions to the euro area’s annual inflation rate in May, services had the most significant impact (+1.83), followed by food, alcohol, and tobacco (+0.51), non-energy industrial goods (+0.18), and energy (+0.04).
*Please note that this article does not constitute investment advice.
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