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erienewsnow.com 11 Jan, 2022 20:00 am

This is the worst inflation in nearly 40 years. But it was so much worse back then - Erie News Now

This is the worst inflation in nearly 40 years. But it was so much worse back then - Erie News Now
By Chris Isidore, CNN Business

A global check on prices In the 1970s and 1980s, higher costs could be passed onto consumers in the form of higher prices more readily than now because competition from overseas imports wasn't as great then as it is today.Oil shocks hurt worse back then One common factor between the record inflation of the 1970s and 1980s and today is rapidly surging energy prices.The 1970s and 1980s oil shocks significantly reduced oil as a source of fuel for electricity generation to the point where it is well less than 1% today.Deregulation of industries such as telecommunications, airlines and trucking all started partly as a response to the high prices of the 1970s and 1980s, said Johnston.

The inflation rate hit a record high of 14.Today the inflation rate stands at 6.

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