{"id":8658,"date":"2022-06-10T15:02:09","date_gmt":"2022-06-10T15:02:09","guid":{"rendered":"http:\/\/ci02a3614a7000269e"},"modified":"2022-06-10T15:02:09","modified_gmt":"2022-06-10T15:02:09","slug":"inflation-data-hits-40-year-high-as-bitcoin-dips","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/inflation-data-hits-40-year-high-as-bitcoin-dips","title":{"rendered":"Inflation Hits Unexpected 40-Year High Of 8.6% As Bitcoin Holds $29,500"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><ul>\n<li>Inflation data for May shows a 40-year high of 8.6% for the U.S. Consumer Price Index report.<\/li>\n<li>The highest year-over-year vector consisted of the Energy Index (34%) with fuel oil rising over 106%.<\/li>\n<li>Month-over-month, fuel prices rose another 16% while bitcoin continues to hold $29,500.<\/li>\n<\/ul>\n<p>The Bureau of Labor Statistics (BLS) released the U.S. Consumer Price Index (CPI) <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noopener\">inflation data <\/a>for the month of May detailing a 40-year high of 8.6% while bitcoin holds $29,500 at press time. <\/p>\n<p>April\u2019s<a href=\"https:\/\/bitcoinmagazine.com\/markets\/bitcoin-price-falls-below-30000-with-unexpected-inflation-report\"> inflation data<\/a>&nbsp;also came in hot at 8.3% and this rising trend shows no signs of slowing down. The last time the U.S. experienced consistently high inflation reports approaching double digits was <a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/historical-inflation-rates\/\" target=\"_blank\" rel=\"noopener\">1981<\/a>. <\/p>\n<p>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%. <\/p>\n<p>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\u2019s 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. <\/p>\n<p>As inflation continues to run rampant from the loose monetary policies executed by the U.S. financial authorities, bitcoin\u2019s price is down 16% from its <a href=\"https:\/\/www.statmuse.com\/money\/ask\/bitcoin+value+graph+june+2021\" target=\"_blank\" rel=\"noopener\">high<\/a> of June, 2021, which was $35,127.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":2785,"featured_media":3498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[76,690,93],"class_list":{"0":"post-8658","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-bitcoin","9":"tag-inflation","10":"tag-news"},"author_data":{"id":2785,"name":"Shawn Amick","nicename":"shawn-amick","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/MjEwMTYzMzc3Njg5ODYzNjQ2-96x96.webp"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/money-on-fire.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/8658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2785"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=8658"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/8658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/3498"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=8658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=8658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=8658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}