U.S. Inflation Hits Highest Rate Since 2008, Outlining Case For Bitcoin
With inflation in the U.S. hitting its highest mark since the 2008 financial crisis, Bitcoin is serving as a critical lifeline.The consumer price index (CPI), a measure of the price of consumer goods and services, increased by an annual rate of 5% last month, hitting its highest mark since August 2008, according to the U.S. Bureau of Labor Statistics. As money printing and federal economic stimulus measures continue in the wake of the COVID-19 pandemic, this measure indicates that USD inflation is at its highest mark since the Great Recession, leading to palpable concern from....
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According to the latest data from the Turkish Statistical Institute, the country’s annual inflation rate for the month of July was 79.6%, the highest in 24 years. Rising transportation costs, food and non-alcoholic beverages were some of the product categories that contributed to the overall rate increase.
Transportation Costs Rose the Most
Turkey’s consumer inflation rate in July surged to 79.60% — the highest in 24 years — while the monthly rate stood at 2.37%, the latest data from the Turkish Statistical Institute (TSI) has shown. According to the....
The Eurozone’s inflation rate reached a record high in August of 9.1%, the highest ever recorded in history, according to Europe’s statistics office Eurostat. The rate was higher than economists suspected and most of the rise was fueled by Europe’s rising energy prices. Europe’s Torrid Inflation Continues to Rise, While the Region Faces an Energy Crisis Currently, Europe is suffering from the highest inflation rate the euro area has seen in almost 50 years, and each one of the members of the monetary union has seen red-hot consumer prices. Just recently, Reuters....
U.S. inflation continues to roar higher as this week’s data from the consumer price index (CPI) jumped 6.2% from a year ago. Americans are concerned as the Federal Reserve has expanded the monetary supply like at no other time in history, suppressed the benchmark interest rate, and U.S. politicians are creating multi-trillion-dollar packages with money the government doesn’t have. The news of hotter than usual inflation caused stock markets to fall on Wednesday, and U.S. president Joe Biden said the White House is prioritizing “getting prices down.” Inflation:....
According to official data, Russia’s inflation rate reached 8.1% in October, the highest level in almost six years. The Bank of Russia will only fully adopt a central bank digital currency (CBDC) if the digital ruble meets several conditions within pilot tests, governor Elvira Nabiullina said.Nabiullina spoke of the digital ruble before the State Duma Committee on Financial Markets on Monday, disclosing more details about the CBDC rollout, local news agency Interfax reported.The Bank of Russia will only adopt the CBDC after the bank makes sure that rubles can be easily converted from cash....
It's grim news for economists and a bittersweet advertisement for Bitcoin this week after the latest CPI report. Bitcoin (BTC) gained more free publicity this week as inflation data showed that prices are rising faster than even experts had anticipated.The latest Consumer Price Index (CPI) report on June 10 from the United States Bureau of Labor Statistics (BLS) also revealed that hourly average earnings for United States workers are at their lowest this century.Inflation returns to 2008 levelsOne of Bitcoin's best friends is inflation. Its inherently deflationary nature allows its users....