Bitcoin News and Finance
Data Shows US Consumer Prices Hit a 40-Year High, Biden Blames Inflation on ‘Putin’s Aggressive Actions’ Skip to main content

Data Shows US Consumer Prices Hit a 40-Year High, Biden Blames Inflation on ‘Putin’s Aggressive Actions’

Data Shows US Consumer Prices Hit a 40-Year High, Biden Blames Inflation on 'Putin’s Aggressive Actions'

Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”

February’s CPI Data Jumps to 7.9%, US Stocks Suffer

In the U.S., there’s been a significant increase in the prices of goods and services in the American economy every single month. American citizens continue to see a decrease in purchasing power when leveraging U.S. dollars for a number of goods and services. The Consumer Price Index (CPI) is a government-crafted metric that records a market basket of consumer goods and services Americans purchase on a regular basis. The data is published on a monthly basis by the U.S. Labor Department, an entity that is responsible for governing occupational safety and publishing economic statistics.

Last month, Bitcoin.com News reported on the CPI’s jump to 7.5% and this month’s CPI numbers continue to highlight a dismal outlook. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8 percent in February on a seasonally adjusted basis after rising 0.6 percent in January,” the U.S. Bureau of Labor Statistics reported. “Over the last 12 months, the all items index increased 7.9 percent before seasonal adjustment.” After the Bureau of Labor published the report, all four major equities indexes (Dow, Nasdaq, NYSE, S&P 500) shuddered.

Biden Blames Russia, Calls Inflation Spike ‘Putin’s Price Hike’

Most of the stock market rout on Thursday has been blamed on the Russia-Ukraine war. Despite the fact that data shows inflation was broadening into a myriad of sectors across the U.S. well before the war, president Joe Biden and his administration are blaming Vladimir Putin.

“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike,” Biden explained on Thursday. “A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” the U.S. president added.

Doocy Asks Psaki: ‘Are You Guys Going to Start Blaming Putin for Everything Until Midterms?’

Meanwhile, gold bug and economist Peter Schiff criticized the method the U.S. Labor Department uses to calculate the CPI. “Consumer prices jumped .8% in Feb, bringing the YOY rise to 7.9%, the highest since Jan. 1982,” Schiff tweeted. “If the CPI still measured prices the same way it did then the YOY gain would be over 15%, higher inflation than any year during the 1970s and this stagflation decade has just started.”

Additionally, the Biden’s administration blame game toward Putin has been denounced by a number of analysts and journalists. White House correspondent for Fox News, Peter Doocy, asked the 34th White House press secretary Jen Psaki how long the administration planned to blame Russia for everything? “Are you guys going to start blaming Putin for everything until midterms?” Doocy asked the press secretary.

Biden’s statements concerning the latest inflation report, explain that he warned about Russia’s invasion putting pressure on the American economy. “As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war,” Biden remarked on Thursday.

What do you think about the rising inflation in the U.S. and the Biden administration blaming the Russia-Ukraine war and “Putin’s aggressive actions?” Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory