Last updated on February 23rd, 2022 at 01:10 pm
The month of January saw U.S. consumer price increases accelerated to a record 4-decade-high of 7.5 percent, just a week after a federal employment report showed a strong employment market and rapid wage growth.
On Wednesday this week, The U.S. Labor Department reported the rise of the Consumer Price Index (CPI), the most closely followed indicator to track inflation. The department announced a press release posted on their website. The rise was the largest since February 1982 and surpassed economists’ forecasts of 7.3 percent.
The base CPI is a measure of price fluctuations that exclude energy and food due to them being more volatile, climbing to 0.6 percent month-over-month, which is at the same rate as December.
Bitcoin (BTC) is a cryptocurrency that confident crypto investors believe can hedge against rising inflation since its supply is limited and is down 2.67 percent in the 60 minutes following the Department of Labor’s Bureau of Labor Statistics (BLS) released on Thursday. Ten-year U.S. Treasury yield peaked at 2% at the highest level since.
The primary driver for overall inflation was used car prices, which increased 40.5 percent in January compared to one year ago, and 1.5 percent higher than December. The cost of food rose 0.9 percent from month to month, which translates into 7% yearly, the highest level since 1981. The cost of energy increased 0.9 percent in January.
