What were the inflation rates in the 1970s compared to today?

What were the inflation rates in the 1970s compared to today?

In the 1970s, inflation rates were significantly higher, peaking at around 13.5% in 1980. Today, inflation rates are much lower, typically around 2-3%.

What factors contributed to the high inflation in the 1970s?

Several factors contributed, including oil price shocks, increased government spending, and wage-price controls.

How does inflation affect purchasing power?

Inflation decreases purchasing power, meaning that as prices rise, each unit of currency buys fewer goods and services.

Can you show me a graph of inflation rates over the decades?

I can't create graphs, but I can describe trends. Inflation rates were volatile in the 1970s and have stabilized since the 1980s.

What are the predictions for future inflation rates?

Predictions vary, but many economists expect inflation to remain moderate, barring any major economic disruptions.