Inflation Hits Unexpected 40-Year High Of 8.6% As Bitcoin Holds $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 bitcoin holds $29,500 at press time.
April’s inflation data 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 1981. The data gets worse if one looks at inflation through a yearly perspective. 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 are second with an 8.5% increase over April’s reported numbers. Energy commodities are at 4.5%. These numbers are astonishing considering that they were only weeks apart.
As inflation continues to run rampant from the loose monetary policies executed by the U.S. financial authorities, bitcoin’s price is down 16% from its high of June, 2021, which was $35,127.