As a child of the '70s, I was very aware of inflation, even if it didn't seem to affect me directly. I don't remember the price of a pack of baseball cards or a Marathon bar soaring. But it was in the news all the time. People seemed to be upset by it. I had more important things to worry about - like hoping to see some Yankees in my new pack of baseball cards. Today, inflation is at the highest point it's been in my adult life, which spans 30 years. Prior to this year, starting in 1992, per the consumer price index, U.S. inflation rose above the annual historical average of 3.2% only three times, reaching a high of 3.8% in 2008. Each time it eclipsed the average, it fell the following year. Today, inflation stands at 5.3%, and I expect it to head much higher. |
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