While China Experiences 0.2% CPI Drop, US Expects 5.9% Gain -Breaking
- China experienced a 2.1% CPI growth in May.
- USA stated that its CPI will rise by 5.9% annually.
- As inflation rises to new heights, crypto is attracting more people.
Global trends show people buying anything that can be used as an inflation hedge, even though inflation is at new levels.
Data reveals that even though China’s consumer price index (CPI) slightly hiked last month, the factory gate inflation fell for the seventh month consecutively. In May, the CPI grew by 2.1%.
Nine hours after the Chinese government reported a drop in CPI, the US announced it expected its CPI increase of 5.9%.
Dow Jones estimates that the Consumer Price Index will rise 0.7% to May from 0.3% April. This works out at 8.3 percent year-over-year, which is the same percentage as April. CPI data will release on Friday.
The US has seen inflation reach 8.5% in March, which is a record high. Inflation rate is what ultimately determines the FED’s decision to raise interest rates. The market has closely watched this. After the CPI data has been released, you will find out what CPI rates are.
Cryptocurrency is being sought out amid a falling economic situation. Although it is opposed, crypto has been widely regarded to be an inflation-resistant asset. Gold and real estate are the best investments for inflation protection. These assets have a tendency to remain stable, or increase in value during periods of inflation. Crypto is well-equipped to carry the torch.
The largest and most popular cryptocurrency worldwide. Bitcoin’s limited number of coins is the primary reason for its anti-inflationary properties.
Additionally, JPMorgan, Goldman Sachs and Goldman have started to offer cryptocurrency for their customers. This just adds to digital assets’ growing trustworthiness.