Inflation Hits Unexpected 40-Year High Of 8.6% As Bitcoin Holds $29,500
Inflation data shows a 106% increase in fuel oil year-over-year with an unexpected 40-year high Consumer Price Index report of 8.6% as bitcoin dips to $29,500.Inflation data for May shows a 40-year high of 8.6% for the U.S. Consumer Price Index report.The highest year-over-year vector consisted of the Energy Index (34%) with fuel oil rising over 106%.Month-over-month, fuel prices rose another 16% while bitcoin continues to hold $29,500.The Bureau of Labor Statistics (BLS) released the U.S. Consumer Price Index (CPI) inflation data for the month of May detailing a 40-year high of 8.6% while....
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CPI inflation data exceeded market expectations, maintaining a near 40-year high of 8.3% as bitcoin falls below its $30,000 line of support.
AVAX and ALGO both fell by nearly 10% on Friday, following the release of the latest inflation figures in the United States. Data showed that inflation is currently at 8.6%, which is close to a 40-year high. Both AVAX and ALGO moved close to one-week lows on the news.
Avalanche (AVAX)
AVAX moved close to a one-week low on Friday, as prices fell following the release of U.S. inflation data.
Following a high of $25.29 on Thursday, AVAX/USD slipped to a low of $22.78 earlier in today’s session.
This drop took prices close to their support level of....
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....
Inflation has skyrocketed in Turkey as official figures from the Turkish Statistical Institute (Tüik) show the country’s inflation rate topped 85.5% year-on-year. The inflation rate in Turkey has risen for 17 consecutive months and last month it reached a 24-year high. Turkey’s Interest Rate Remains Low, While Inflation Runs Rampant Turkey, the transcontinental country located in Western Asia has been suffering from financial hardship as the region’s economy is in dire straits. On Nov. 3, 2022, the Turkish Statistical Institute (Tüik) published the country’s official inflation rate....
CPI inflation data reached a 40-year high of 9.1% in June with the largest price increases occurring in the energy sector, seeing fuel and oil rising almost 100%.