Did inflation in the United States reach its highest-ever value in the 2020s?
No
The 12-month inflation rate was 9.0% in June of 2022. This was the highest rate since November 1981. Inflation exceeded 9.0% each month between January 1974 and July 1975, and between January 1979 and November 1981.
Unlike those earlier episodes, in which inflation remained elevated for nineteen months and thirty-five months, respectively, the spike in inflation in mid-2022 was reversed relatively quickly, falling to 4.9% nine months later in March 2023 and 3.1% three months later in June.
Inflation has remained below 4% as of September 2024 and was below 3% in July and August 2024.
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Sources:
FRED (Federal Reserve Bank Of St. Louis) Consumer Price Index for All Urban Consumers: All Items in U.S. City Average (CPIAUCSL)
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