Cryptomoeda accumulates valuation that has made record prices beaten in Reais.
The preview of inflation in October 2020 in Brazil brings alarming data about the index, which had a rise that had not been registered since 1995. At the same time, the price of Bitcoin has hit an all-time high in the country, and has already accumulated almost 150% appreciation in one year.
Thus, the Brazilian economy and Crypto Comeback Pro scam show antagonistic performances in the financial market. While Bitcoin recently hit a record price of R$ 70,000, inflation in the country has registered figures that have not been seen since the introduction of the Brazilian real into the economy.
According to Agência Brasil, the National Broad Consumer Price Index (IPCA-15) rose by 0.94% in October 2020. This index is used to measure inflation, which may have reached an increase that has not been seen for 25 years.
Inflation in Brazil
By 2020 the IPCA-15 has already accumulated a 2.31% increase, according to data released by the Brazilian Institute of Geography and Statistics (IBGE). Thus, if the October increase is achieved, the monthly index may have reached almost 50% of all accumulated inflation for the year.
Moreover, the projected 0.94% increase in inflation shows that this growth had not been seen in the Brazilian economy since 1995. For Agência Brasil, the increase in the price of some foods in the market is responsible for the growth of the inflation index.
Therefore, the agency pointed out that soy oil was the item that had the highest price increase in October 2020. In that case, the product increased 22.34%, according to the IPCA-15.
In addition to soy oil, other foods ‚weighed‘ the increase in inflation in the Brazilian economy, such as rice, which rose 18.48 percent in the month, followed by tomatoes, which increased the price on average by 14.25 percent. Other products that increased in value were milk 4.26% and meat 4.83%.
On the other hand, in addition to these products considered to be the ’staple basket‘, there was also an increase in the price of transport-related services, which will reflect the accumulated inflation for the month.
„Transport, at 1.34%, also had a big impact on inflation, due to the rise in prices of items such as airline tickets (39.90%), gasoline (0.85%) and voluntary vehicle insurance (2.46%).
Finally, other products were considered at the prior closing of the inflation index for October, such as household items, which rose 1.41% and clothing, with a growth of 0.84%.
According to the index that measures inflation, the only item that had a drop in prices (deflation) was education, with -0.02% in the period.
While inflation has been growing unseen since 1995 in Brazil, the price of Bitcoin has broken the historical record in Brazil after recently surpassing R$ 70,000.
Thus, cryptomeda continues to appreciate at a time of fragility for the Brazilian economy. In addition to alarming inflation rates, Brazil is facing a devaluation of the Real, which has reflected in the record-breaking price of the Bitcoin.
According to TradingView data, in the last twelve months the price of Bitcoin has accumulated an appreciation of approximately 150%, and in the last thirty days this increase was 19.23%.
On the other hand, taking into account the last twelve months, inflation in Brazil has accumulated 3.52% in the same period in which the price of Bitcoin has risen by almost 150%.