Publicado enOpinión

What Is Inflation, and Is It Higher?

When I joined the North Carolina State University faculty in 1978, the big issue in the economy was inflation. On average, prices at the retail level were rising at double-digit rates, and they continued that pace for several years. It took a severe recession in the early 1980s to bring inflation under control. Since then inflation has been modest, with the annual rate rarely above three percent. In recent years, the annual inflation rate has been even lower.