To The Moon

"Inflation" is the hottest buzzword this year, and everything is upsurging.

On June 10, the U.S. Department of Labor released a much higher-than-expected CPI for May, up 8.6% year-over-year, a record high since December 1981. Those numbers sent the market reeling, the FED undertaking huge pressure and the public hurt by rising living costs.

According to data, the sectors including food, energy, core goods and services are all going up.

1. Energy

The price of major energy sources including coal, natural gas and oil rose sharply, with the energy price index rising 34.6% year-on-year, which is the largest y-o-y increase since September 2005.

2. Food

Global food prices soared, with the Food and Agriculture Organization (FAO) food price index reaching a record high.

What’s more, prices for groceries in the U.S. jump 11.9% year-over-year. The CICC research report shows that food rose further to 1.2% in May, with the highest y-o-y growth in dairy products (2.9%), eggs (5%) and rice (2.6%).

3. Housing & Transportation

The housing costs were also upsurging with housing prices rising 5.45% year-over-year in May. Airfares were up 12.6% YoY.

Let's look at inflation influence from the perspectives of country.

China

According to the latest statistics, the CPI (national consumer prices) rose 2.1% year-on-year in May,which was at the same level as last year; CPI fell 0.2% compared to last quarter,which was a record low since July 2021. 

In May, 

• Food prices rose 2.3% year-on-year, with prices of fresh fruit, potatoes and grains rising 19%, 16.1% and 3.2% respectively.
• Non-food prices rose 2.1% year-on-year. Gasoline, diesel, liquefied petroleum gas in this sector rose 27.6%, 30.1% and 26.9%, respectively.
• Hotel and airline tickets fell by 7.4% and 2.4% respectively.

Australia

Since 2022, the Australian Fed has not been spared with rate hikes. Following a 50bps rate hike, the market expects that the Australian Fed will raise rates by another 50 basis points at its July meeting.

Currently, the price of electricity in Australia is soaring. According to the Australian electricity department estimates, many households will add another 200 Australian dollars a year to pay for electricity bills from July. Meanwhile, the prices of gasoline and diesel are also upsurging.

Singapore

In addition, Singapore also suffered rampant inflation.

According to statistics, core inflation rate in Singapore hit a 10-year high of 3.3% in April and could surpass 4% from June, far exceeding the official forecast from 2.5% to 3.5%.

Among all kinds sectors, commodity prices soared; food prices rose 4.1%, which was the largest increase since March 2009.

The stagnant inflation and upsurging living costs greatly dampen the purchasing power of the public.

Have you felt the impact of hyperinflation on your life?

What the prices of goods around you are rising?

Which products go up most?

Come to join the Topic & win coins!

[Rewards]

1. One Tiger with the most high-quality analysis will be given 1,000 coins

2. Tigers will be given 50-300 coins randomly according to the quality and users' interaction of their post.

​​Enter the TOPIC page to make a post >>​​​

​