How is inflation measured?
It is measured by the Consumer Price Index on a monthly basis. “The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.” Reference: https://www.bls.gov/cpi/
In other words, it measures inflation as a percentage year over year.
It was as high as 11.1% in 1974 & 1975 with Nixon and Ford administrations. However, it was consistently high during the Carter Administration peaking at 13.5% in 1980.
My book, “Boomer Economics: Baby Boomer-elected Presidents and their Economic Impact” will be out in late 2023.
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