Financial experts Jim Paulsen, Brian Wesbury and Michelle Girard reflect on how consumers are struggling with record inflation in “Making Money”.
Bitcoin and other cryptocurrencies continued to fall sharply over the weekend following the release of the latest inflation data on Friday, reaching a new high of 40 years.
A new fall on Sunday puts Bitcoin on a six-day streak of loss.
GET THE FOX BUSINESS WHERE THEY CLICK HERE
Bitcoin is trading around $ 27,000, down more than 4% during the week and almost 24% over the past 12 months.
Ether also fell on Sunday, falling as much as 5% to about $ 1,400. Ether has dropped more than 14% in the past week and more than 35% in one year.
INFLATION REACHES MAXIMUM 40 YEARS IN MAY WITH CONSUMER PRICES INCREASE 8.6%
The Labor Department said on Friday that the consumer price index, a broad measure of the price of everyday goods, rose 8.6% in May from a year ago. Prices rose 1% in the one-month period since April. These figures were higher than the general figure of 8.3% and the monthly gain of 0.7% predicted by Refinitiv economists.
Price increases were widespread: energy prices rose 3.9% in May from the previous month, up 34.6% from last year. Gasoline, on average, costs 48.7% more than a year ago and 7.8% more than in April.
GASOLINE PRICES COME A NEW MEMORY SUNDAY MORNING
The price of a gallon of regular gasoline reached a historic milestone over the weekend and continues to rise.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
The price on Sunday morning rose to $ 5.01, according to AAA.
Gasoline hit the $ 5 mark on Saturday morning for the first time as part of a record.