Although the August inflation data in the USA came above the expectations, the lowest annual inflation data was seen since April.
Annual inflation, which was 8.5% in July, dropped to 8.3% in August. However, the fact that this data was above the market expectations caused a sales wave in the market.
Inflation Message from Joe Biden
After the inflation data in the USA, a statement came from Joe Biden. In the statement released by the White House, attention was drawn to the decrease in inflation.
Biden stressed more determination and said:
“Today’s data shows further progress in the U.S. economy in driving down global inflation.
Overall, prices in our country have been essentially flat in the last two months: This is good news for American families who still have a lot of work to do.
Gasoline prices have dropped an average of $1.30 per gallon since the beginning of summer. This month, we have seen some price increases in the market that have slowed compared to the previous month. And real wages rose two months in a row, giving working families some respite.
It will take more time and determination to lower inflation, so we enacted the “Inflation Reduction Act” to lower healthcare, prescription drugs and energy costs.
My economic plan shows that as we drive prices down, we create well-paid jobs and bring production back to America.”
After the inflation data, Bitcoin regressed to $ 21,000, while losses in the US stock markets exceeded 3%.
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