A student recently remarked to me that a 10 percent annual inflation rate in the US was “impossible.” Well, I invite anyone who shares this view to consider the US annual inflation rates between 1973 and 1982. Clearly, a 10 percent annual change in the US Consumer Price Index (CPI) is not only possible, it has happened! Moreover, the aggregate increase in the US CPI for the 10-year period 1973-1982 inclusive was approximately 85 percent (which I personally experienced following my graduation from high school in 1973). Oh yes, inflation rates of 10 percent annually and higher are absolutely possible…
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