Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis.<\/p>\n
After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar.<\/p>\n
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BTC\/USD trades close to $24k. Source: TradingView<\/a><\/pre>\n<\/p>\n
\nInflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1\/ pic.twitter.com\/6bVTZq7m1W<\/a><\/p>\n
\u2014 Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022<\/a><\/p><\/blockquote>\n
According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds:<\/p>\n
“The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.”<\/p><\/blockquote>\n
\n\nPresident of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden,<\/a> the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.”<\/div>\n
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