Keep Calm & Sell your Pounds – In the family “high inflation on the verge of losing control”after the United States and the euro zone, we would now like the UK. the crazy ones money prints central banks, which accelerated with the Covid restrictions, ran the inflationary machine around the world (especially in the West). During this time, the bitcoin deflationary (BTC) keeps a… British phlegm.
In the United Kingdom: inflation already at more than 10%, not ready to stop
With some record inflation close to 9% each in May, the United States and the euro zone were clearly not celebrating. But things could be even worse UKwith a strong depreciation of the pound sterling (GBP).
Indeed, as Reuters reports, Britain’s Consumer Price Inflation Index (CPI) may continue to experience a two digit number. The rolling one-year price increase could thus reach the +15%or even more, during the first three months of 2023.
This forecast, made by the economists of the American bank Citiis based on the latest annual inflation rate for the month of July, published on August 17, 2022, and which stood at… 10.1%! We will recall, during this time, that Bitcoin is he deflationary. Every 4 years, its halving automatically decreases by 2 the production of new BTC (as programmed in its computer code).
“(…) In the absence of compensatory support [du gouvernement]we expect CPI inflation to accelerate to above 15% in the first quarter of 2023.”
Benjamin Nabarro, economist for Citi
The Bank of England (BoE) is caught in the inflation trap, and will almost certainly have to raise interest rates, like the European Central Bank (ECB) and the US Federal Reserve (Fed) before it. Moreover, speaking of the United States, one might wonder whether the slight drop in inflation recently registered will be persistentor a materialization of the expression ” back off to better blow up “.
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