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Tuesday, Sep. 24, 2024

Did inflation in the United States reach its highest-ever value in the 2020s?

Gabriel Vinocur, EconoFact
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 19 months and 35 months, respectively, the spike in inflation in mid-2022 was reversed relatively quickly, falling to 4.9 percent 9 months later in March 2023 and 3.1 percent 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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