News

UK Inflation Drops to 2.5%: Impacts on Economy and Interest Rates Explained

2 days ago

In a surprising turn of events, annual inflation in Britain eased in December 2024, largely attributed to the slow growth in service prices, which experienced its most significant decline since March 2022. This shift contradicted market expectations that anticipated inflation levels would remain stable, reflecting an evolving economic landscape in the UK. According to data released on Wednesday by the Office for National Statistics, the consumer prices index recorded a 2.5% increase for the year ending December 2024.

This figure marks a decrease from the previous month’s reading of 2.6% and falls short of analysts' consensus estimates, indicating a potential shift in consumer behavior and economic conditions. Delving deeper into the composition of inflation, goods inflation saw a notable increase, rising from 0.4% to 0.7%.

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Cryptocurrency Market Update: Bitcoin Holds Steady Amid Mixed Performance of Major Altcoins

2 days ago

The global cryptocurrency market cap currently stands at an impressive $3.34 trillion, reflecting a notable increase of 3.78% within the last 24 hours. Bitcoin (BTC) is demonstrating resilience as it navigates trading between $95,352 and $97,725 in this same timeframe. As of 09:30 AM (UTC) today, Bitcoin is valued at $96,928, marking a slight uptick of 0.59%.

In the broader market, the performance of major cryptocurrencies exhibits a mixed trend. Leading the pack in market performance are the lesser-known coins AIXBT, ZEN, and DEXE, which have surged by 23%, 22%, and 16% respectively. Looking at the top cryptocurrencies by market capitalization, Ethereum (ETH) is trading at $3,221.69, witnessing a marginal decline of 0.33%.

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Understanding India's Wholesale Price Inflation: December 2024 Insights

2 days ago

India's wholesale price inflation experienced a notable easing to 2.4% in December 2024, reflecting significant changes compared to the same month a year prior, as reported by the Ministry of Commerce and Industry on Tuesday. This figure represents a decline from 2.75% in October and 1.89% in November, indicating a dynamic shift in the economic landscape. Key factors contributing to this fluctuation included an uptick in food prices, particularly for vegetables and pulses, alongside increased manufacturing costs.

The food index recorded an inflation rate of 8.89%, slightly down from November’s 8.92%. This marginal decrease can primarily be attributed to a reduction in vegetable prices, highlighting the volatility of food markets and their direct impact on inflation reporting. Moreover, a month-on-month reduction in the wholesale price index (WPI) of 0.38% was observed, following a 0.45% drop in November.

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Thailand's Cybercrime Authorities Move to Ban Polymarket in Effort to Combat Illegal Online Gambling

2 days ago

In a strategic move mirroring Singapore's regulatory approach, Thai cybercrime authorities are gearing up to propose a ban on the decentralized prediction market known as Polymarket. This platform is under scrutiny as it could be categorized as an online gambling site, a practice that is illegal in Thailand.

The Thai Cybercrime Investigation Bureau has underscored the necessity of temporarily blocking access to Polymarket to safeguard the public from the pitfalls associated with online gambling and to mitigate the misuse of cryptocurrencies in illicit activities. This protective stance aims not only to shield individuals from potential financial losses but also to address the broader economic and social ramifications that these activities might usher in.

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