News

UK Inflation Hits A 40-Year Record, Bitcoin Drops More Than 2.5%

With 10.1% inflation, the UK joins 2 billion people worldwide suffering as price increases erode buying power.
UK Inflation Hits A 40-Year Record, Bitcoin Drops More Than 2.5% 4

According to the Office for National Statistics (ONS), the inflation rate in the United Kingdom hit 10.1%. In the 12 months to July 2022, the Consumer Price Index (CPI) increased by 10.1%. It represents a considerable increase from 9.4% in June.

According to Alex Gladstein, chief strategy officer at the Human Rights Foundation, the United Kingdom is one of many countries experiencing double-digit price rises. More than 2 billion individuals globally are affected by the situation in which purchasing power is rapidly eroding.

Core inflation, excluding energy, food, alcohol, and tobacco, stood at 6.2% in the year to July 2022, up from 5.8% in June and above forecasts of 5.9%.

The ONS said in its report, that rising food prices played the biggest role in driving the high annual inflation rate between June and July.

The agency repeated that estimates of consumer price inflation modeled according to their indicator model “show that CPI rates were above current levels around 1982, where estimates ranged from nearly 11% in January down to about 6.5% in December.”

Inflation figures are soaring in the U.K. Source: ONS

The Bank of England has carried out six consecutive rate hikes to curb inflation and earlier this month announced its biggest increase since 1995 while forecasting that the UK will enter a long recession since the global financial crisis.

The bank expects inflation to hit 13.3% in October. Conservative leadership candidates Liz Truss and Rishi Sunak are under increasing pressure to come up with radical solutions to the historic cost of living crisis.

Richard Carter, head of fixed-rate research at Quilter Cheviot, predicts that the Bank of England is likely to react at its next monetary policy meeting with another 50 basis point rate hike. in an effort to combat inflation.

At the time the data was published, Bitcoin, after rallying close to $24,500, had dropped around $700 to $23,785, a decrease of more than 2.5%. At the time of writing, BTC is trading at $23,420.

BTC daily chart. Source: CoinCu

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Best Coins to Buy Now: Qubetics Sells 200M Tokens to Raise Over $2.7M as Cardano and Avalanche Look to Strengthen Bullish Trend

Best Coins to Buy Now: Qubetics presale raises $2.7M with 200M tokens sold as Cardano…

8 minutes ago

Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025

London, united kingdom, 22nd November 2024, Chainwire

2 hours ago

Robinhood Exec Dan Gallagher Declines SEC Leadership Role

Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…

3 hours ago

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

3 hours ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

4 hours ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

4 hours ago

This website uses cookies.