UK inflation rate hits 10.1%, British Bitcoin community responds
Prices in the United Kingdom continue to rise, hitting another 40-year high of 10.1%. According to figures from the U.K’s Office for National Statistics, the Consumer Prices Index (CPI) rose by 10.1% in the 12 months to September 2022, up from 9.9% in August. The 10.1% figure mirrors July’s recent high.
According to ONS data, “Rising food prices made the largest upward contribution to the change in both the CPIH and CPI annual inflation rates between August and September 2022.” The BBC reported that the Ukraine war led to an increase in grain prices, also sharing that dairy products have risen by over 30% in cost in one year.
But what do incessant price rises mean for the British Bitcoin (BTC) and the wider cryptocurrency community? In recent months, British pound trading volumes soared on exchanges, while the pound almost hit parity with the dollar before the Bank of England got back to the business of printing money.
Jordan Walker, CEO of the U.K based Bitcoin Collective told Cointelegraph:
Walker explained that hosting the U.K Bitcoin Conference should help to teach people about “The ‘why’ and offer a solution which we believe is Bitcoin.”
James Dewar, founding partner of U.K based Bridge2Bitcoin told Cointelegraph, “There are two components to inflation. One is supply/demand mismatches caused by disruptions such as Covid, responses to Covid, and war. All we normally hear about are these, as politicians argue these are events 'outside' our control." Dewar continued, shedding light on the underbelly of inflation:
His colleague Simon at a volunteer organization that seeks to help local businesses in the U.K. reduce payment processing costs by accepting Bitcoin told Cointelegraph, “Everyone on this planet has unfortunately
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