Financial experts Jim Paulson, Brian Wesbury and Michelle Girard discuss how consumers are battling record-breaking inflation in Money Making.
Bitcoin and other cryptocurrencies continued a sharp decline over the weekend after the release of the latest inflation data on Friday, reaching a new 40-year high.
An additional drop on Sunday puts bitcoin in a six-day losing streak.
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Bitcoin is trading around $ 27,000, down more than 4% for the week and nearly 24% for the last 12 months.
Ether also fell on Sunday, falling 5 percent to about $ 1,400. Ether has fallen by more than 14% in the last week and by more than 35% in one year.
INFLATION REACHES 40-YEAR-OLD TOP IN MAY WITH CONSUMER PRICES GROWING 8.6%
The labor ministry said on Friday that the consumer price index, a broad measure of everyday commodity prices, had risen 8.6% in May from a year earlier. Prices jumped 1% in the one-month period from April. These figures were both higher than the headline figure of 8.3% and 0.7% of the monthly profit forecast by Refinitiv economists.
Price increases were widespread: energy prices rose 3.9% in May from a month earlier, up 34.6% from a year earlier. Gasoline costs on average 48.7% more than a year ago and 7.8% more than in April.
GAS PRICES SET A NEW RECORD ON SUNDAY MORNING
The price of a gallon of regular gasoline reached a historic point over the weekend and continues to rise.
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The price rose to $ 5.01 on Sunday morning, according to AAA.
The gas reached the $ 5 mark on Saturday morning for the first time in history as part of a record run.
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