In March, the US Consumer Price Index rose by 0.9%, from 2.4% to 3.3%. Analysts at The Kobeissi Letter noted that this figure reached its highest level since May 2024.
BREAKING: March CPI inflation RISES to 3.3%, below expectations of 3.4%.
Core CPI inflation rise to 2.6%, below expectations of 2.7%.
CPI inflation is now up to its highest level since May 2024 amid the Iran War.
Fed rate cuts have been priced-out for 2026.
— The Kobeissi Letter (@KobeissiLetter) April 10, 2026
The cryptocurrency market showed little reaction to the new macroeconomic data. At the time of writing, Bitcoin is trading around $72,400, having gained 1.6% over the past 24 hours.
Ethereum is priced around $2200, rising by 1.7% over the past 24 hours.
The data came in slightly below analysts’ forecasts, who had anticipated a rise to 3.4% amid rising oil prices due to the Middle East conflict.
However, the US and Israel’s military operation against Iran impacted energy prices, which rose by 10.9% in March. This marked the largest monthly jump since 2005.
The Core Consumer Price Index, which excludes food and fuel prices, increased by 0.2% for the month, against a forecast of 0.3% and February’s 0.2%.
On an annual basis, core inflation stood at 2.6%.
Geopolitical tensions have led investors to drastically revise their forecasts for the Federal Reserve rate. Initially, the market expected one or more cuts, then hikes. Now, participants anticipate maintaining the current range in April and June.
Earlier, on April 8, the US and Iran agreed to a temporary truce, which helped Bitcoin rise above $71,000.