Is inflation at a historic high in August of 2021?
No
The change in the seasonally adjusted Consumer Price Index (CPI) for All Urban Consumers between June 2020 and June 2021 was 5.32%. This statistic, the year-on-year monthly inflation rate, was 5.28% in July. This is the highest the inflation rate has been since September 2008.
But the average year-on-year monthly inflation rate in the 1970s was 7.1% and 5.6% in the 1980s. In the 1981 to 1982 period the average inflation rate was 12%. Year-on-year inflation exceeded 10% in every month between February 1974 and April 1975, March 1979 through April 1981 and July through October 1981.
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Sources:
EconoFact What Drives Rising Inflation?
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