What Caused 2021's Record-Setting Inflation?
AllSides Summary
The Bureau of Labor Statistics said Wednesday that consumer prices rose 7% in 2021, the highest inflation rate since 1982. Writers across the spectrum sought to explain the historic price increases.
While monthly inflation decreased from 0.8% in November to 0.5% in December, the 7% annual inflation rate once again brought inflation back into the news media’s spotlight. Renewed supply chain disruptions also drove headlines on Wednesday, and rising housing prices made it to the top of the New York Times (Lean Left) homepage. Inflation disrupted economies around the world as well; Wednesday saw headlines about slowing inflation in China and political turmoil in Turkey, where inflation hit 36% in December.
The Wall Street Journal (Opinion rated Lean Right) and the Washington Post (Lean Left) each published several more perspectives on inflation than other outlets. Voices from the right tended to place more blame on government spending. Some voices across the spectrum analyzed Fed Chairman Jerome Powell’s role in creating and managing a high-inflation economy. Some voices from the left warned of a possible “nightmare scenario,” while others said the solution involved “waiting for things to work themselves out.”
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