Today, the US Bureau of Labor Statistics (BLS), released the March 2022 Consumer Price Index (CPI). The index showed an 8.5% increase in year-over-year inflation, breaking another 40-year-high.
The CPI measures the price of consumer goods in the United States. It includes food, shelter, energy and transportation. The BLS provides monthly CPI updates approximately ten days before the next month. This month’s all-item index shows an 8.5% increase from March last year, up from February’s 7.9% annual reading. This is the highest number since December 1981. However, many Bitcoiners believe that inflation is much worse than what is being reported. According to the report, fuel, shelter and food were the main contributors to the rise. The increase in all-items was only half, with gasoline accounting for 18.3% more than last month. It’s up 32% over the past year. It has increased 8.8% over the past year. Bitcoin’s price is slightly sensitive to inflation news. Its association with digital gold leads many to consider it an inflation hedge. However, its price later fell below $40,000 after the inflation numbers dropped. At the time of writing, it is worth $39,639
Bitcoin/USD Source: TradingView
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