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 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%.
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’s 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.
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.