US inflation rate hit 7% in December, four decade high
Inflation is a measure of the rate at which prices for goods and services are rising. It has been around since the late 1800s, but it was not until World War II that the United States experienced its first significant spike in inflation rates
The “u.s. inflation rate 2022” is the annual inflation rate in the United States, which hit 7% in December, a four decade high.
According to the most recent inflation data released on Wednesday by the U.S. Labor Department’s Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) in the United States increased by 7.0 percent year over year in December.
The most popular approach for monitoring inflation is the CPI. The rate of inflation increased by 0.2 percent from 6.8 percent in November to reach its highest level since June 1982 in December. At the time of writing, Bitcoin, which is often used as an inflation hedge, is trading for close to $44,000.
December U.S. Consumer Price Index (Bureau of Labor Statistics)
After trading flat around $42,000 for about a week, the top cryptocurrency has made a big upward rise. Since reaching an all-time high on November 10th of last year, Bitcoin has still dropped by almost 36%.
Rates will rise as a result of the Federal Reserve.
At the same time as rising inflation may be positive for the price of Bitcoin and perhaps other cryptocurrencies in the short term, a push by the U.S. Rates will rise as a result of the Federal Reserve., as a means to fight inflation, could make Bitcoin less attractive as assets like bonds might become more attractive.
In his appearance before the U.S. Senate Banking Committee on Tuesday, recently renominated Federal Reserve chairman Jerome Powell confirmed that inflation is still significantly above target, “telling us that the economy no longer needs or wants the very highly accommodative policies that we’ve had in place.” The Federal Reserve has already suggested that the market should anticipate three interest rate increases this year if inflation maintains at this levels.
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The “u.s. inflation 2021” is the annual inflation rate in the United States, which hit 7% in December, a four decade high.