The highly anticipated August inflation figures in the USA have been announced. After the numbers, we look at the price of Bitcoin and gold. The figures gave an important idea about the economic situation of the country.
Inflation, which the Bitcoin community was eagerly awaiting, exceeded expectations
The annual inflation rate for August in the USA, which is closely followed by the Bitcoin and crypto community, has been announced. Accordingly, it was slightly above market expectations of 3.7 percent to 3.6 percent. Additionally, the monthly inflation rate increased significantly by 0.6 percent.
Two important factors played a role in this increase in inflation, which is closely followed by the Bitcoin and crypto community. Base effect and increase in oil prices. In particular, gasoline prices recorded a significant increase of 10.6 percent compared to the previous month.
Mixed signals on core inflation
Headline inflation is following an upward trend. Core inflation, which is closely monitored by the Federal Reserve, has displayed a different trend. Accordingly, core inflation is in line with the forecasts at 4.3 percent. This difference between headline and core inflation measures adds complexity to the economic landscape.
Recently released inflation data will serve as a guiding factor in shaping the United States’ future decisions regarding interest rates and overall economic planning. The Federal Reserve will undoubtedly consider this information in evaluating the appropriate course of action. On the other hand, the crypto community, which expects a Bitcoin bull season for 2024, is also waiting for what the FED will do.
July performance
On the other hand, July inflation figures showed different dynamics. Inflation increased modestly by 0.2 percent in July, following a course parallel to market expectations. The annual inflation rate for July was announced as 3.2 percent.
These inflation figures underscore the dynamic nature of the US economy and the importance of closely monitoring economic indicators to make informed decisions. On the other hand, the country is navigating these fluctuations. In addition, the role of inflation data in shaping economic policies and strategies remains important. The economic environment continues to improve. Additionally, being informed is of great importance for both businesses and investors.
How did Bitcoin and gold react?
When we look at the Bitcoin price after inflation figures, we see that there is not much increase. At the time of writing, Bitcoin is trading at $26,148.
When we look at the price of gold after Bitcoin, we see that it is traded at $ 1,911 per ounce. Accordingly, when we look at it as cryptokoin.com, inflation has not affected the prices much.
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