11.August 2022

Inflation Hits Unexpected 40-Year High Of 8.6% As Bitcoin Holds $29,500

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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.

The data becomes much worse as one views inflation through a yearly lens. For the unadjusted 12-month inflation data, or a year-over-year perspective, the highest price increase is a 106.7% rise in the cost of fuel oil. This is followed by a 50% increase to energy commodities and a 48% for gasoline. Notably, the entire Energy Index has gone up 34.6%.

Among the highest vectors of month-over-month inflated prices, fuel is by far the worst at 16%. Piped gas services come in second with a 8% increase over April’s reported numbers. Then, we have energy commodities at 4.5%. Considering the yearly inflation goal was 2% prior to the pandemic, these numbers are outrageously high for only being weeks apart from another.


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