Inflation’s Emotional Scars
Neither headline numbers nor reasoned economic assessments reveal the toll that surging prices take on many households. The non-monetary cost of today's high inflation follows hard on the heels of the very different but similarly wrenching COVID-19 pandemic, and will likely have two profound consequences.
https://prosyn.org/AoEHzrh
CAMBRIDGE – Until this year, inflation in advanced economies like the United States and the United Kingdom had been so low for so long that one needed to be well into middle age to remember what living through the price surges of the late 1970s was like. It was bad. Annual consumer price inflation in the US peaked at 13.5% in 1980, while in the UK it hit 24.2% in 1975 and, after a dip, rose again to 18% in 1980.