Quoted By:
>If You Made $70,000 When Trump Was Elected, You'd Need $90,000 Today To Keep Up
>The most recent inflationary cycle peaked in June 2022, when the consumer price index stood 9.1% higher than the previous year.
>While the rise in prices has cooled down from its more concerning readings, inflation continues to worry both the public and the Fed, with hopes to reach the ideal rate of 2% before the economy suffers too much from an overall drop in spending.
>Back in 2015, the U.S. economy had the inverse problem of today. Inflation was very low, with some months even registering deflation, meaning that consumer prices were lower than the previous year. This scenario can hurt the economy as people and businesses become incentivized to pause spending in the hopes that products and services will become cheaper in the future.
>The following years showed a somewhat stable trend, with the average monthly inflation for each year in the period between 2016 and 2020 staying between 1.3% and 2.4%. The current high-inflation cycle started in early 2021, affected by the outbreak of the war in Ukraine as well as previous supply chain disruptions and changes in consumer behavior during the COVID-19 pandemic, according to the Bureau of Labor Statistics.
