Why 7% Inflation Today Is Far Different Than in 1982
Consumer price inflation in December, at 7%, was last this high in the summer of 1982. That’s about all the two periods have in common.
Today, the inflation rate is on the rise. Back then, it was falling. It had peaked at 14.8% in 1980, while Jimmy Carter was still president and the Iranian revolution had pushed up oil prices. Core inflation that year reached 13.6%.