UK Inflation Rate Hits 10.1%, British Bitcoin Community Responds

The UK bitcoin community ponders the latest inflation print, which has once again hit double digits in the UK.

New

UK prices continue to rise, hitting a new 40-year high of 10.1%. According to figures from the UK's Office for National Statistics, the consumer price index (CPI) rose by 10.1% in the 12 months to September 2022, from 9, 9% in August. The 10.1% figure reflects the recent high in July.

The Bank of England is at 8% of the inflation target, while interest rates are 2.25%. Source: Bankofengland.co.uk

According to ONS data, "higher food prices contributed most to the rise in the change in the annual CPIH and CPI inflation rates between August and September 2022". The BBC reported that the war in Ukraine had led to an increase in grain prices, also sharing that dairy products had risen by more than 30% in one year.

But what do the relentless price increases mean for British Bitcoin (BTC) and the wider cryptocurrency community? In recent months, sterling trading volumes have soared on stock markets, while the pound nearly reached parity with the dollar before the Bank of England resumed printing money. /p>

Jordan Walker, CEO of British Base...