Inflation hits record high but crypto market barely responds

The crypto market has therefore hardly reacted to the news of the sky-high US inflation figures. According to the latest data released yesterday by the US Bureau of Labor Statistics, the indexed consumer price rose 0.8% in February, bringing the current annual inflation rate in the US to 7.9%. That is the highest level since January 1982. Energy, petrol, food and house prices were the main contributors to the increase.

The energy price has increased by 25.6% in the past year, while gasoline and natural gas have increased by 38% and 23.8% respectively. Global inflation rates started to rise significantly before the Russia-Ukraine crisis. Two years of covid lockdowns and massive buyout programs in response to the COVID pandemic contributed to inflation. Now that a war has also been started by the world's largest exporter of natural gas, oil and fertilizers, the inflation problem is only bigger.

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