- Turkey released data analyzed by the Turkish Statistical Institute showing 70% CPI annual inflation.
- Transportation costs suffered the highest annual increase with 105% inflation.
- The month-over-month data shows a CPI increase of 7.25%.
Turkey released inflation data analyzed by the Turkish Statistical Institute showing inflation is at a two-decade high with the consumer-price-index (CPI) rising almost 70%, which is a problem bitcoin can fix.
Transportation, which would include the prices of fuel, suffered an annual rise of 105.86%. Meanwhile, food and nonalcoholic beverages rose 89.10%, paired with a 77.64% annual increase for furnishings and household equipment. These were among the highest vectors reported, but even the lowest numbers are staggering.
BBC.
This issue of inflation data failing to be accurate was pointed out by the pro-bitcoin CEO of MicroStrategy, Michael Saylor when he stated:
“Inflation is a vector. A scalar index can be biased by choosing certain items. Your index assumes human beings don’t need food, energy, or home ownership, nor desire assets such as property, equity, bonds, or commodities.”
Bitcoin seeks to restore economies by separating economic controls from centralized entities who artificially increase the money supply to benefit their own regimes through a permissionless, peer-to-peer protocol that does not allow malicious practices commonly witnessed on the world stage.