Economic Progress

Past and present inflation are more similar than you think

Photo of a petrol meter filling up

With prices rising, how does the current inflation rate compare with the past? Image: Unsplash/Krzysztof Hepner

Marijn A. Bolhuis
Economist, International Monetary Fund
Judd N. L. Cramer
Lecturer in Economics, Harvard University
Lawrence H. Summers
President Emeritus, Harvard Kennedy School of Government
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A graph showing shelter CPI inflation and the Federal Funds Rate, 1954 to present
Shelter CPI inflation and the Federal Funds Rate, 1954 to present. Image: Bureau of Labor Statistics.
A graph showing shelter CPI inflation and rent CPI inflation, 1954 to present
Shelter CPI inflation and rent CPI inflation, 1954 to present. Image: Bureau of Labor Statistics.
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The official and estimated headline CPI from 1950 to present day
The official and estimated headline CPI from 1950 to present day. Image: Bureau of Labor Statistics
The official and estimated headline CPI from 1950 to present day with quantity weights fixed at 2022 levels
The official and estimated headline CPI from 1950 to present day with quantity weights fixed at 2022 levels. Image: Bureau of Labor Statistics

A table comparing past inflation cycles to today's inflation cycle
What inflation cycles have looked like in the past, compared to today. Image: Bureau of Labor Statistics

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