The Bitcoin price rose on Wednesday after a widely watched inflation gauge in the U.S. showed that consumer prices rose less than expected last month.

The Consumer Price Index (CPI) rose 2.8% in the 12 months through February, the Bureau of Labor Statistics (BLS) said. Economists expected the index, which tracks price changes across a broad range of goods and services, to rise 2.9% from a year earlier.

Stripping out volatile food and energy prices, so-called core inflation rose to 3.1% in the past 12 months. It's a marked improvement compared to January's 3.3% annual increase. The measure, which is used to gauge underlying inflation trends, also came in slightly below economists’ expectations.

President Donald Trump’s on-again, off-again approach to tariffs has rattled markets in recent weeks. Wednesday’s CPI print  indicated that inflation cooled amid the trade war but remained elevated from September's 2.4% annual increase.

Bitcoin jumped to $84,000, rising 1% in 10 minutes, according to the crypto data provider CoinGecko. Ethereum and Solana also rose to $1,900 and $127, respectively.

The Federal Reserve has been monitoring how Trump’s policy maneuvers could complicate its inflation fight. Fed Chair Jerome Powell said last week that despite recent developments, “uncertainty around the changes and their likely effects remains high.”

Trump expressed optimism on Tuesday about a recent drop in egg and gasoline prices. In a Truth Social post, the president wrote, “It’s all coming down!”

The Fed is widely expected to hold interest rates steady at its policy meeting next week, when it will also release updated projections for economic growth and interest rates.

Traders on Wednesday penciled in three rate cuts by year-end, according to CME FedWatch. A month prior, futures traders foresaw just one.

Edited by Stacy Elliott.

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